New Delhi, Nov 8 : Passengers arriving or departing from international airports will be allowed to exchange the banned Rs 500/Rs 1,000 notes up to Rs 5,000 value in new notes or other legal tender.

The announcement came even as the government banned Rs 500/Rs 1,000 notes from midnight Tuesday -- a decision announced by Prime Minister Narendra Modi in a nationally televised address.

Foreign tourists would also be able to exchange old notes of up to Rs 5,000.