Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of Rs. 500 and Rs. 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016.
This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes.
Starting from November 10, 2016, members of public/corporates, business firms, societies, trusts, etc., holding these notes can tender them at any office of the Reserve Bank or any bank branch and obtain value thereof by credit into their respective bank accounts.
For their immediate cash needs, these notes of value up to Rs. 4,000 per person can be exchanged for cash over the counter of these bank branches.
RBI has been taking many steps to ease the demonitisation process to avoid any inconvenience to the general public and hence various notifications, etc., are being issued continuously. All of these notifications / documents' links can be found here: link
Also FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs. 500/- and Rs. 1000/- is available here: link