For accurate detail pls read from https://rbi.org.in/Scripts/FAQView.aspx?Id=119 and also check http://www.finmin.nic.in/.
Few things you need to know first from the above links:
- Carry your Aadhar / Pan Card whenever you go to bank.
- First and last day of exchange.
- Limit on exchange.
- After last day of exchange expires, then where to exchange Rupees 500 & 1000 Currency Notes.
I think this is a good step of Government of India to curb black money. And also a headache to illiterate people, who don't have any bank account yet, don't have electricity to watch TV and they can't read newspaper as well. They have to rely on "word of mouth" and other people to help them out of this situation.
(Note: It was long ago published here on myroughdrafts.com on 2016/11/09)
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