No more exchange of old Rs 500 and Rs 1000 notes in banks
Posted on: 25/Nov/2016 11:06:31 AM
Petrol bunks and government offices will continue to receive old notes. In connection with the central government has issued a notification:
The exchange of the high-value notes of Rs. 500 and Rs. 1,000 over the counter at banks and post offices has-been stopped with immediate effect.
- Changes will not be given in exchange of old notes in banks.
- Old 500 and 1000 rupee notes can be deposited only in bank accounts.
- Old notes can be used for public utilities for a further period from the midnight of November 24 upto and inclusive of December 15, 2016.
- Old 500 and 1000 rupee notes can be used in petrol bunks and hospitals till 15th December.
- 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 5000 per week. Necessary entry to this effect will be made in their passports.
- Old notes can be used for payment of school fees up to Rs 2000 per student in central government, state government, municipality and local body schools.
- Old notes can be used for payments towards pre-paid mobile top-up to a limit of Rs 500 per top-up
- It has been decided that toll payment at these toll plazas may be made through old Rs 500 notes from December 3, 2016, to December 15, 2016.
