Now that the Rs 500 and Rs 1000 notes have been banned you can begin depositing them in banks and post offices from Thursday, November 10, 2016 till the end of 2016.
If you want to trade them for fresh notes, you can do so for a maximum of Rs 4000 (from Friday, November 11 to November 24). You can exchange higher denominations post November 24 again till end of the year.
If you wish to approach ATMs, this is what the RBI has to say: It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs up to a maximum of Rs 2,000 per card per till November 18. The limit will be raised to Rs 4000 per day per card from November 19.
And here's Finance Secretary Ashok Lavasa's tweeted infographic for further clarity: