The Central Government today announced that the limit for exchange of old notes over the counter was reduced to Rs.2000/- from the existing Rs.4500/- with effect from tomorrow i.e., 18th November, 2016.

There is no change in the limit set for withdrawal of money from the Bank Accounts. The same was announced today by Mr.Sakthikanta Das, Secretary of Department of Economic Affairs, Govt. of India.

All banks will have to report to I-T dept on deposits above Rs 2.5 lakh in savings accounts

Source: No escaping taxmen: PAN must, I-T notices on dubious deposits, property buys

Bank counters will now use indelible ink in major cities to keep cash withdrawals within permissible limits

Source: Govt limits cash deposits in Jan Dhan accounts to Rs 50,000

Economic Affairs Secretary Shaktikanta Das blamed the long queues on the same people lining up again and again

Source: Banks to mark customers with indelible ink to ensure cash is changed only once a day

Banking correspondents will be now allowed to withdraw cash multiple times and can now hold up to Rs 50,000 cash

Source: Money rush: ATMs will start dispersing Rs 2000 notes from today

Refund will not be issued for Air Tickets bough using old Rs.500 & Rs.1000 notes. Railway had decided not to give new notes for tickets purchased in last 48 hours. The refunds above Rs.10,000/- for railway ticket cancellation will be credited directly to the bank account.

Director General of Aviation had given instruction to Airline Companies not to cancel booked tickets in last 48 hours and not to issue refunds against the ticket.

The decision came on the reports that the people are using the cancellation facility to make good their undisclosed income.

Penalty for unaccounted income could range from 50% to 200% of evaded tax

Source: Deposit money in bank only if you can account for it: Tax experts

RBI instructed all banks to work normally the coming Saturday and Sunday i.e., 12th November and 13th November, 2016.

The new Currency notes of denomination Rs.500 & Rs.2000 will be available on ATM’s from Friday. i.e, 11th November, 2016. ATM’s will partially start functioning from tomorrow.

Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent

Source: I-T Dept to keep record of deposits over Rs 2 lakh

Please see the link below for the Circular from RBI relating to withdrawal of Rs.500 & Rs.1000 denomination notes, Action to be taken by banks,Provision for Exchange Facility,  FAQ,Salient Features of the Scheme,etc.

https://drive.google.com/open?id=0BwfaVqFwg9yDalVMX20yckhzbEU