While the ₹500 and ₹1000 rupee currency notes will cease to be legal tenders starting midnight tonight, the government has given a bracket of a little over 50 days for the citizens to exchange their old notes for other currencies.
What we can do is, deposit the old notes in the banks or post office accounts till the 30th of December without any cap on this kind of transaction.
We can exchange the ₹500 and ₹1000 rupee notes for other acceptable currency notes from the banks and post offices by furnishing a valid ID proof till the 24th November with a maximum of 4000 Rupees each day.
The government has however imposed a limit on daily and weekly withdrawals for the time being with ₹10,000 rupees per day and ₹20,000 per week and this limit is likely to be increased.
While the ATMs in some places will not work on 9th and 10th November and the ATM withdrawal limit is capped at ₹2000 per day per card which will be increased to ₹4000 per day per card later.
There will however be no restrictions on electronic fund transaction.
On November 9, all banks will remain closed for public work
Fuel stations, Airport & Railways to accept 500 & 1000 till November 11, 2016
Those unable to deposit their notes of Rs 1000 and Rs 500 by December 30 for some reason, they can change the notes till March 31, 2017 by furnishing ID proof !

Thanks Anuj Sikchi – Source!