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Here is where you can use your old money till December 15; but only Rs 500 notes

As announced earlier, there will be no over-the-counter exchange of the old tender after midnight of November 24.

By: Express Web Desk | New Delhi |
November 24, 2016 8:37:51 pm
Demonetisation, old notes, old banknotes, old notes exchange, narendra Modi, Demonetisation old notes, Old banknotes exchangee People exchange their old Rs 500 and 1000 notes at a SBI branch in New Delhi on Thursday. (PTI Photo by Kamal Singh)

The Central government on Thursday took some new decisions relating to operational aspects of the demonetisation of Rs 500 and Rs 1000 notes announced by Prime Minister Narendra Modi on November 8. As announced earlier, there will be no over-the-counter exchange of the old tender after midnight of November 24. This date has not been extended as some quarters were expecting.

A government notification said this was because it was observed that over-the-counter exchange of old currency notes “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,” it said, adding that it would also encourage “unbanked” people to open new accounts.

ALSO READ: Petrol pumps, LPG stations to accept old Rs 500 notes till Dec 15: Dharmendra Pradhan

There are, however, some new directions, including new exemptions wherein payment can be made through old Rs 500 notes till December 15, 2016.

These are:

1. Payment of School fees up to Rs 2000 per student in Central Government, State Government, Municipality and local body schools.

2. Payment of fees in Central or State Government colleges

3. Payments towards prepaid mobile top-up to a limit of Rs 500 per top-up;

4. Purchase from Consumer Cooperative Stores, but limited to Rs 5000 at a time

5. Payment of current and arrear dues for water and electricity bill for individuals and households

6. Payment at toll plazas

It has also been decided that foreign citizens will be permitted to exchange foreign currency up to Rs 5000 per week and the entry to this effect being made in their passports.

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