Even as the government has stopped the exchange of old Rs 500 and Rs 1000 notes over the counter effective midnight, in some relief to the common man it has extended the use of the old Rs 500 note for certain transactions till December 15.
Even as the government has stopped the exchange of old Rs 500 and Rs 1000 notes over the counter effective midnight, in some relief to the common man it has extended the use of the old Rs 500 note for certain transactions till December 15. Also, the Modi government has added some categories for which the old Rs 500 notes can be used, while imposing restrictions on the exemptions list as well. For those of you who are wondering what the new set of rules include, we bring you some facts that you must know:
1) The Rs 1000 banknote is no longer legal tender money, even for use in public utilities and other exempted categories that the government had announced. This means that you can no longer use it for purposes of buying petrol etc. The only use pf the Rs 1000 note is to deposit it in your bank account!
2) The government had on November 8 announced that the old notes can be used at only certain places. These exemptions, with some additions and modifications (please note these) will be continued till December 15 day end. Earlier the notes could be used at government hospitals, for railway ticket booking, at ticket counters of government buses, at airline ticket counters, at petrol, diesel and gas stations authorised by public sector oil companies, at consumer co-operative stores authorised by state or central government, milk booths authorised by state governments, crematoria and burial grounds. Now the additions and changes to the exemptions are;
> Payments for transactions under all the exempted categories will now be accepted only through old Rs 500 notes
> Payment of school fees up to Rs 2000 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
> Purchase from Consumer Cooperative Stores will be limited to Rs 5000 at a time
> 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
> The Ministry of Road Transport and Highways has continued toll-free arrangement at toll plazas to December 2 and from December 3 to December 15 toll payment at these toll plazas can be made through old Rs 500 notes.
> Foreign citizens will be permitted to exchange foreign currency up to Rs 5000 per week. An entry to this effect will be made in their passports. Instructions in this regard will be issued by the RBI.