News From Today, No Exchange Of Old Notes Except At Reserve Bank of...

From Today, No Exchange Of Old Notes Except At Reserve Bank of India

Exchange of old Rs. 500 and Rs. 1,000 notes, stopped at banks from Thursday midnight, will be allowed only at Reserve Bank of India, a statement released by the central bank this morning said.

No Exchange Of Old Notes Except At Reserve Bank of India

Here’s a 10 point development in the Demonetisation news :


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1. The government has decided that from Friday, the outlawed notes can no longer be exchanged for new ones at bank counters. So far, people could do a one-time swap of up to 2,000 rupees.

2. The government has decided to do away with the trade-in to shift focus to encouraging people who currently do not have accounts to open them and deposit the abolished notes.

3. Old notes can be deposited till the end of the year.

4. The current limit on withdrawal of upto Rs. 24,000 per week per bank account remains unchanged.

5. ATMs can be used to draw upto Rs. 2,500 a day per card. Less than half the country’s two-lakh ATMs have been reconfigured to handle the new currency which is larger than the old bills in size.

6. Prime Minister Narendra Modi met the cabinet tonight amid a ferocious attack by the opposition over his abrupt ban of 500-and 1,000-rupee notes.

7. Finance Minister Arun Jaitley conferenced via video with the chiefs of major banks this evening to review their preparedness.

8. Current exemptions have been extended till December 15. That means petroleum pumps and state-run hospitals will continue to accept the old notes till then.

9. Water and electricity bills can also be paid with the old currency till December 15

10. The RBI has doubled the limit on digital transactions through e-wallets like Paytm to Rs. 20,000 per month.


No Exchange Of Old Notes Except At Reserve Bank of India

Till December 15, you can still use old 500 rupee notes at :

  • Payment at toll plazas and petrol pumps.
  • Payment of school fees up to Rs. 2,000 per student in central government, state government, municipality and local body schools.
  • Payment of fees in central or state government colleges.
  • Payments towards pre-paid mobile top-up to a limit of Rs. 500 per top-up.
  • Purchases at consumer cooperative stores operated under authorisation of central or state governments with identity proof (Safal, Mother Dairy) up to Rs. 5,000 at a time.
  • Purchases at milk booths under central or state governments.
  • Payment of current and arrear dues to utilities will be limited to only water and electricity.
  • Payments in government hospitals for medical treatment.
  • Use in all pharmacies for buying medicines with doctor’s prescription.
  • At railway ticketing counters, bus ticket counters of government or public sector undertakings and airline counters at airports for purchase of tickets.
  • Payments at crematoria and burial grounds.
  • Use at international airports for arriving and departing passengers up to Rs. 5,000.
  • Purchase of LPG gas cylinders.
  • Payments towards on-board catering during travel by rail.
  • Purchase of tickets for suburban and metro rail travel.
  • Purchase of entry tickets monument maintained by the Archaeological Survey of India.
  • Payments towards fees, charges, taxes or penalties, payable to central or state governments including municipal and local bodies.
  • Payments towards utility charges including water and electricity, but no advance payments.
  • Payments towards court fees.
  • Payments towards purchase of seeds from designated state-run outlets.

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