Prime Minister Narendra Modi’s announcement about the demonetization of Rs 500 and Rs 1,000 notes took everybody by surprise. To make the announcement even more startling, the change would be effective almost immediately.

Championed as a masterstroke for attacking black money and counterfeit currency in the financial system, this move is also likely to make a big impact on the common man. Here is how the move will affect you:

1) Old notes no more:

If you go to a shopkeeper starting 9th November, make sure you carry notes of Rs 100 and Rs 10. If you pay with Rs 500 or Rs 1,000 notes, you will be turned away. This will happen at counters across the country.

2) Except….

This will be the case at all counters except at petrol pumps, hospitals, pharmacies, reservation counters for air, rail and bus tickets, milk booths, crematoriums, cooperative shops, Kendriya Bhandars, ration shops, Safal shops, and international airports. These, however, have to be operated by the Central or state governments. These organisations will have to maintain a detailed account of who paid using Rs 500 and Rs 1,000 notes.

3) Deposit your old notes:

So what do you do with your old currency notes? You cannot use them at any of the counters mentioned above, head to a bank near you. Deposit your currency notes in your bank account. It will then reflect in your savings account. However, ensure you do this before December 30th (except on 9th, 12th and 26th November—the banks will be shut).

4) Keep your ID with you:

If you carry Rs 500 or Rs 1,000 notes, then it’s better if you carry your PAN card or Aadhar card with you at all times. This is especially if you are depositing your currency notes after 30th December, 2016 and before 31st March, 2017. After this period, the notes with the two denominations would be mere paper.

5) Long queues for withdrawals:

Once you deposit the currencies, head to an ATM or the withdrawal counter at the bank. However, banks and ATMs are shut on 9th November. And even the next day on 10th November, many ATMs may not be available. So be prepared for long queues as people line up to withdraw Rs 100 notes.

6) Prepare for limited withdrawals:

If you are withdrawing money from an ATM, ensure you do not punch in a number over Rs 2,000. That’s the maximum amount you can withdraw from a single card in the entire day. This limit will be raised to Rs 4,000 from 19th November. That is for cash withdrawal machines. If you are withdrawing the old fashioned way—through a cheque at a bank, then you can take out as much as Rs 10,000 per day. However, you cannot do this more than twice in a week. The government has set a withdrawal limit of Rs 20,000 for an entire week. This includes both ATM and bank withdrawals. This limit will stay put until 24th November.

7) Wait for the new notes:

In the meanwhile, prepare for the new Rs 500 notes to start circulating. The government announced that the new Rs 500 and Rs 2,000 notes would be available from 10th November. However, considering how large the country is, it will take some time for the notes to be available as easily as earlier. So, stuff your wallets with Rs 100 notes. Alternatively, you can opt for cashless payments using credit cards, debit cards, EMI cards, travel cards, and payment wallets.

8) Shoppers to be affected:

This lack of currency notes is likely to affect most shoppers. Your regular kiranas and other smaller vendors that do not accept card payments are also likely to suffer in the next few days. So if you are planning to buy any goods or services, keep your card by you at all times. It may also make sense to head to the supermarkets to pay by card.

9) Gold demand may rise:

Everyone wants to park money. In the absence of high-denomination notes, people could turn to gold. As a result, demand for gold, and thus prices of the yellow metal, may rise in the next few weeks.

10) Housing prices may rise:

The real estate sector often sees a lot of transactions using black money. This is likely to get affected by the demonetisation of the two currency notes. More and more deals will be based on white money. This, however, could lead to a rise in housing prices in areas where prices were artificially low before of the black money dealings.