November 24, 2016 1:38:26 pm
The government’s deadline for using old Rs 500 and Rs 1000 currency notes for payments ends at midnight. Prime Minister Narendra Modi had withdrawn the high-value currency notes from circulation on November 8 in a bid to flush out black money and cut down on corruption. While the old Rs 500 and Rs 1000 notes were recalled, newly-printed denominations of Rs 500 and Rs 2000 were introduced by the Reserve Bank. The government had then set a deadline of November 24 for the people to use the old notes at select places such as government hospitals, toll plazas, railway ticket counters and milk booths. After midnight today, people will only be allowed to exchange the old currency notes for the new notes at banks till December 30.
Ever since the government decision on November 8, long queues have been reported outside banks and ATMs across the country as the people flocked to exchange and deposit the old currency notes. Opposition parties have accused the government of poor planning behind the implementation of the move resulting in large-scale chaos across villages and towns. In the initial days, ATMs were found to be not calibrated to dispense the new notes that were of different design and size. As of Thursday, more than 80,000 ATMs were re-calibrated to dispense the new notes, accounting for 40 per cent of the ATMs in the country.
These are some of the places where the old notes will be accepted until midnight:
* Government hospitals
* Railway and public bus ticket counters
* Petrol, CNG and diesel pumps at state-run oil companies
* For purchase of LPG gas cylinders
* For payments at crematoria and burial grounds
* For purchase of tickets at metro and suburban rail counters
* For payment of court fees
* To purchase seeds from state-run outlets
* For foreign tourists to exchange foreign currency up to Rs 5000
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