Demonetisation’s ever-changing rules: a complete history
By Gurman Bhatia and Abhinav Rajput
December 6, 2016 | Last updated: March 30, 2017
In November 2016, Prime Minister Narendra Modi announced that all Rs 500 and Rs 1,000 notes in circulation would be cancelled overnight, a sweeping move likely to continue to disrupt daily life for months to come.
But the devil of demonetisation has been in its details, which the government has changed repeatedly since November 8 as it attempts to close loopholes and respond to unanticipated needs. Limits on how much cash you can exchange at a counter or withdraw from an ATM keep swinging. And places where old notes can be accepted also switch every couple of days.