Just after the announcement of demonetising by PM Modi on Tuesday night, the Reserve Bank of India took the onus to clear the air on note exchange.

President Pranab Mukherjee called upon people not to panic and to follow government's guidelines for exchanging currency notes of Rs 1000 and Rs 500 denomination available with them. FICCI president Harshavardhan Neotia described PM Modi's decision as 'an extremely bold move'.

Here Are 10 Highlights Of The New Monetary Policy:

1. RBI posted a 25-point detailed FAQs on note exchange guidelines.

2. RBI said the most important reason for the ban was the abnormal rise in the fake currency of higher denominations.

3. One can get value for the entire volume of notes tendered at the bank branches/RBI offices.

4. One will get up to Rs 4,000 in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to the bank account.

5. ATMs in some area will remain closed on Wednesday and Thursday, One can withdraw of only Rs 2,000 per day up to 18 November and Rs 4,000 per day from 19 November onwards.

6. One cannot get the entire amount in cash as the scheme of withdrawal of old high denomination notes does not provide for it.

7. One can use balance in bank accounts to pay for other requirements by cheque or through electronic means such as online banking, mobile wallets, IMPS, credit/debit cards etc.

Rs 2,000 can be withdrawn per day up to 18 November

8. For those without any bank account, RBI said they can open an account with necessary KYV documents.

9. Even no-frills accounts under the Jan Dhan Yojana can also avail of the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

10. For the exchange of notes, the person has to carry valid identity proofs. The exchanges of notes can be done at any branch of the bank that one is banking with.