In a huge announcement on Tuesday, Prime Minister Narendra Modi said that Rs Rs 1000, 500 notes no more legal tender. He has given the nation 50 days to return the currency notes to the banks or post offices.

However, there is no need to panic. “Your money will be yours,” Modi said. Here is how:

  1. You have 50 days- from November 10 to November 30- to deposit notes the old Rs 500 and Rs 1000 notes by furnishing ID proof.
  2. The notes can be deposited in any bank or post office
  3. The government hospitals will accept the old Rs 500 and Rs 1000 notes till November 11, 2016 midnight
  4. Crematoriums and cemeteries will be allowed to transact Rs 500 and Rs 1000 notes till November 11
  5. Rs 2000 and Rs 500 notes will be circulated soon