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[font=Arial, Helvetica, sans-serif]Demonetisation: Over-the-counter exchange of old notes suspended from November 25[/font]
The government has suspended over-the-counter exchange of old notes from November 25.
It said that the Rs 500 notes will be allowed till December 15 in places where it is already being accepted.
Rs 1,000 notes will not be eligible for exemption, the government announced.
There is a complete ban on the usage of Rs 1000 notes from today midnight.
Rs 1000 notes will not be accepted at petrol pumps and government hospitals.
Foreign citizens will be permitted to exchange foreign currency upto Rs 5,000 per week. Entry to this effect will be made in their passports.
Old Rs 500 notes allowed for Govt school and college fees.
Rs 500 notes will be allowed for mobile top-ups up to Rs 500.
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 December 2.
Further details are awaited.
After due consideration of all relevant aspects, the following decisions relating to certain operational aspects of the Scheme have now been taken:
(i) It has been observed that over the counter exchange of the old currency notes of Rs. 500 and Rs. 1000 denomination has shown a declining trend. It has further been felt that people may be encouraged and facilitated to deposit their old Rs. 500 and Rs. 1000 notes in their bank accounts. This will encourage people who are still unbanked, to open new bank accounts. Consequently, there will be no over the counter exchange of old Rs. 500 and Rs. 1000 notes after midnight of 24.11.2016.
(ii) Government had also permitted various exemptions for certain transactions and activities wherein payment could be made through 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 24.11.2016 up to and inclusive of 15.12.2016 :-
(a) Payments for the transactions under all the exempted categories will now be accepted only through old Rs. 500 notes;
(b) Payment of School fees up to Rs. 2000 per student in Central Government, State Government, Municipality and local body schools;
(c) Payment of fees in Central or State Government colleges;
(d) Payments towards pre paid mobile top-up to a limit of Rs. 500 per top-up;
(e) Purchase from Consumer Cooperative Stores will be limited to Rs. 5000 at a time;
(f) 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;
(g) Considering that the Ministry of Road Transport and Highways have continued the toll free arrangement at the toll plazas up to 2.12.2016, it has been decided that toll payment at these toll plazas may be made through old Rs. 500 notes from 3.12.2016 to 15.12.2016.
(h) Foreign citizens will be permitted to exchange foreign currency up to Rs. 5000 per week. Necessary entry to this effect will be made in their passports. (Necessary instructions in this regard will be issued by the RBI.)
Read more at:
Demonetisation: Over-the-counter exchange of old notes suspended from November 25 - The Economic Times
The government has suspended over-the-counter exchange of old notes from November 25.
It said that the Rs 500 notes will be allowed till December 15 in places where it is already being accepted.
Rs 1,000 notes will not be eligible for exemption, the government announced.
There is a complete ban on the usage of Rs 1000 notes from today midnight.
Rs 1000 notes will not be accepted at petrol pumps and government hospitals.
Foreign citizens will be permitted to exchange foreign currency upto Rs 5,000 per week. Entry to this effect will be made in their passports.
Old Rs 500 notes allowed for Govt school and college fees.
Rs 500 notes will be allowed for mobile top-ups up to Rs 500.
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 December 2.
Further details are awaited.
After due consideration of all relevant aspects, the following decisions relating to certain operational aspects of the Scheme have now been taken:
(i) It has been observed that over the counter exchange of the old currency notes of Rs. 500 and Rs. 1000 denomination has shown a declining trend. It has further been felt that people may be encouraged and facilitated to deposit their old Rs. 500 and Rs. 1000 notes in their bank accounts. This will encourage people who are still unbanked, to open new bank accounts. Consequently, there will be no over the counter exchange of old Rs. 500 and Rs. 1000 notes after midnight of 24.11.2016.
(ii) Government had also permitted various exemptions for certain transactions and activities wherein payment could be made through 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 24.11.2016 up to and inclusive of 15.12.2016 :-
(a) Payments for the transactions under all the exempted categories will now be accepted only through old Rs. 500 notes;
(b) Payment of School fees up to Rs. 2000 per student in Central Government, State Government, Municipality and local body schools;
(c) Payment of fees in Central or State Government colleges;
(d) Payments towards pre paid mobile top-up to a limit of Rs. 500 per top-up;
(e) Purchase from Consumer Cooperative Stores will be limited to Rs. 5000 at a time;
(f) 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;
(g) Considering that the Ministry of Road Transport and Highways have continued the toll free arrangement at the toll plazas up to 2.12.2016, it has been decided that toll payment at these toll plazas may be made through old Rs. 500 notes from 3.12.2016 to 15.12.2016.
(h) Foreign citizens will be permitted to exchange foreign currency up to Rs. 5000 per week. Necessary entry to this effect will be made in their passports. (Necessary instructions in this regard will be issued by the RBI.)
Read more at:
Demonetisation: Over-the-counter exchange of old notes suspended from November 25 - The Economic Times
