AMN
Exchange of old currency notes of 500 and 1000 rupees over the counter has been stopped from midnight tonight. However, people can deposit their old notes in their bank accounts upto 30th of December.
Government has also extended the use of old currency for payment of public utilities bills upto 15th of next month adding some other services under the exempted category.
However, 1000 rupees notes will not be accepted any more in exempted categories and only 500 notes will be accepted.
In a statement, Finance Ministry said the payment of School fees up to 2000 rupees per student in Central Government, State Government, Municipality and local body schools and payment of fees in Central or State Government colleges have been added in the exempted categories.
Besides, payments towards pre-paid mobile top-up to a limit of 500 rupees per top-up and purchasing from Consumer Cooperative Stores upto 5000 rupees at a time have been allowed through old note of 500 rupees. The Payment of current and arrear dues to utilities will be limited to only water and electricity.
The Ministry said the foreign citizens will be permitted to exchange foreign currency upto five thousand rupees per week. The entry to this effect will be made in their passports.
The payments at toll plazas can be made through old 500 rupees notes from 3rd to 15th of next month. The toll free arrangement will continue at the Highways upto 2nd December.
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.)