Friends here are some MAIN points to note
1. 500s , 1000 rs notes which you are holding in home can be exchanged / deposited at any banks and Post office by dec 30 and also
That amount will be credited in your accounts. Carry any of these.
Valid Identity proof is any of the following: Aadhaar Card, Driving Licence, Voter...
more...

ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
2. Lets say 1 lakh you deposited, but you will get only 4000 rs to hand that day as hard cash , remaining will be credited into your account.
3. This money will not get tax exemption, but banks will not deduct any tax. Income tax dept will ask for deceleration if there is huge money deposited in your account. If you show proof , no income tax will be deducted.
4. If you dont have bank account still you can go to bank with Adhar or voter or pancard to a bank and money can be exchanged.
5. No limit of transactions through online from your account. You can buy groceries online, bill pay online, Send money online. No limit on using credit or debit card any where. All internet and card transaction not having upper limit.
6 .ATMs and banks will remain closed on November 9. It may take a while for the banks to recalibrate their ATMs, and once it's done, you can withdraw up to a maximum of Rs 2,000 per card per day till November 18. The limit will be raised to Rs 4,000 per day per card from the November 19 onwards.
7.Also you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs 10,000 in a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first fortnight, that is up to November 24, 2016.
Hope it helps you all. Please let me any points needs updation. Do check with govt sites for more info.