Old 500 and 1,000 rupee notes were banned on November 8 in a move to curb black money.
Prime Minister Narendra Modi met the cabinet tonight amid a ferocious attack by the opposition over his abrupt ban of 500-and 1,000-rupee notes.
Here are the 10 latest developments in this story:
The government has decided that from Friday, the outlawed notes can no longer be exchanged for new ones at bank counters.
So far, people could do a one-time swap of up to 2,000 rupees.
The government has decided to do away with the trade-in to shift focus to encouraging people who currently do not have accounts to open them and deposit the abolished notes.
Old notes can be deposited till the end of the year.
The current limit on withdrawal of upto Rs 24,000 per week per bank account remains unchanged.
ATMs can be used to draw upto Rs 2,500 a day per card. Less than half the country's two-lakh ATMs have been reconfigured to handle the new currency which is larger than the old bills in size.
Finance Minister Arun Jaitley conferenced via video with the chiefs of major banks this evening to review their preparedness.
Current exemptions have been extended till December 15. That means petroleum pumps and state-run hospitals will continue to accept the old notes till then.
Water and electricity bills can also be paid with the old currency till December 15.
The RBI has doubled the limit on digital transactions through e-wallets like Paytm to Rs 20,000 per month.
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