PM Narendra Modi announced demonetization of Rs 500 and 100 currency notes that will be not valid from midnight on November 8,2016. Indian citizens will get 50 days until December 30 to surrender the notes at Banks and Post Offices. Notes of Rs. 2000 and new modified Rs. 500 notes will be circulated soon. Those unable to deposit Rs. 1000, Rs. 500 notes by December 30, can change them till March 31, 2017 by furnishing ID proof.