The Narendra Modi Government at the Center has decided that there will be no more exchange of old Rs 500 and Rs 1000 notes after 24th November midnight.
According to the Press Information Bureau, after the careful consideration of the collected information, the Central Government has decided to not allow the exchange of old Rs 500 and Rs 1000 after midnight of November 24.
“The Central Government has been reviewing the issues related to the cancellation of the legal tender character of old Rs 500 and Rs 1000 notes. The government has also been receiving various suggestions in this regard. After due consideration of all relevant aspects, the following decisions relating to certain operational aspects of the scheme have now been taken,” the release said.
- It has been seen, according to the crowd that the amount of money which was being exchanged for old Rs 500 and Rs 1000 notes has shown a gradual decline in numbers and total transactions. Also, it was noted that it would be better to allow the citizens to deposit their unchanged notes into bank accounts and this could be used on their own convenience. This will not only help in creating a unified banking experience, but will also help those who do not have bank accounts to open them for themselves. Consequently, there will be no over the counter exchange of old Rs 500 and Rs 1000 after midnight on November 24, 2016.
- The center also added that it would allow certain transactions and activities wherein payment would be accepted in old Rs 500 and Rs 1000 notes. It has been decided that all these exemptions, with the additions and modifications as detailed below, may be continued for a further period from the midnight of November 24 up to and inclusive of December 15, 2016.
- All the transactions of exempted services and commodities will be allowed to be tendered in old Rs 500 notes.
- Payment in center run government, or state operated, local body schools fees up to a limit of Rs 2000 will be able to be tendered in the old currency.
- Payment of fees in central or state operated schools and colleges.
- Use of old currency in pre-paid mobile top-ups to a limit of Rs 500 per top-up.
- Purchase from Consumer Cooperative Stores, run by the government for a price up to Rs 5000 at a time.
- Payment of individual or family owned houses whose utilities and arrears which will be limited to only water and electricity can be paid in old tenders.
- As has been announced by the central government, the toll at toll plazas has been made free until the 2nd December 2016, after this date till the 15th December; toll can be paid through the use of old Rs 500 and Rs 1000 notes by the customer.
- Foreign citizens will be permitted to exchange foreign currency up to Rs 5000 per week. Necessary entry will be made in their passports.