The Prime Minister of India Mr. Narendra Modi announced couple of weeks ago that the current Rs 500 Note and the Rs 1000 note would no longer be accepted as currency. The government has given a window till the end of the year for people to replace the old notes. There are long queues in the banks for replacing the notes.
ATM’s too have long queues. Since the old notes of 500 and 1000 denominations are no longer valid, people have to get new notes. And most of the ATM’s run out of money within a couple of hours after it is opened due to the rush.
The old notes which were in circulation from October 1997 to November 2016, were demonetized on Nov 8th 2016.