In a major development, Government has decided that there will be no over the counter exchange of old Rs. 500 and Rs 1000 notes after midnight of 24.11.2016. 

A government statement announcing the move said this was because it was observed that over-the-counter exchange of old currency notes “has shown a declining trend”. 

''It has further been felt that people may be encouraged and facilitated to deposit their old Rs. 500 and Rs. 1000 notes in their bank accounts. This will encourage people who are still unbanked, to open new bank accounts'', the press release by the government further said.

Here are other things govt announced in the press release:

Source: b'Source: PTI'