From exchange to payments, all you need to know about the demonetisation of Rs 500 / Rs 1000 Notes

Prime Minister Narendra Modi announced on November 8, 2016that new notes of Rs 2,000 and Rs 500 will be introduced but those being currently held will have to be exchanged at banks. 

This however is subject to limits and rules out the possibility of large exchanges of illegal stash as these will need to be explained and accounted for