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All notes exchange stopped from today, Rs 1,000 notes can only be deposited in banks, old Rs 500 note can be used for exempted services till Dec 15

Narendra Modi Government In A Cabinet Meeting On Thursday Decided That The Use Of Rs 1,000 Bank Not In Exempted Services Will Stop From Thursday Midnight Onwards. However, People Can Use Old Rs 500 Currency Note For Such Services Till December 15.

News Nation Bureau | Edited By : Saurabh Kumar | Updated on: 25 Nov 2016, 08:41:00 AM
Stock image of old Rs 1000 currency note

New Delhi:

Narendra Modi Government in a cabinet meeting on Thursday decided that the use of Rs 1,000 bank not in exempted services will stop from Thursday midnight onwards. However, people can use old Rs 500 currency note for such services till December 15.  

It was also decided that there will be no over the counter exchange of old Rs 500 and Rs 1000 notes after midnight of Thursday.

During the meeting, Central Government took various decisions relating to certain operational aspects of the Scheme relating to cancellation of legal tender character of old Rs. 500 and Rs. 1,000 notes and so on.

# Govt extends usage of old Rs 500 notes for payment in public utilities till December 15, however Rs 1,000 note will not be accepted anymore.

# Exchange of old currency notes over the counter stopped.

# Certain other exemptions relating to cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes extended up to 15.12.2016.

# Toll payment at toll plazas can be made via old Rs.500 notes from 3.12.2016 to 15.12.2016 as toll free arrangement continues upto Dec 2.

Also Read: Toll tax suspension on national highways extended till December 2

# Payment of School fees up to Rs 2000 per student in Central, State, Municipality & local body schools will be accepted through old Rs 500 notes.

# Payments towards prepaid mobile top-up to a limit of Rs. 500 per top-up will be accepted through old Rs 500 notes.

# Purchase from Consumer Cooperative Stores will be limited to Rs. 5,000 at a time.

# Payment of fees in Central or State Government colleges.

Also Read: Reserve Bank of India to bring back guarantee scheme to deal with piles of invalid notes

Payments for the transactions under all the exempted categories will now be accepted only through old Rs 500 notes 

Payment of current and arrear dues to utilities will be limited to only water and electricity.  This facility will continue to be available only for individuals and households.

Foreign citizens will be permitted to exchange foreign currency up to Rs. 5,000 per week.  Necessary entry to this effect will be made in their passports.  (Necessary instructions in this regard will be issued by the RBI.


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First Published : 24 Nov 2016, 07:55:00 PM