So from midnight today that is November 24 your old Rs 500, Rs 1000 notes won't be accepted in petrol pumps, government hospitals etc.
So from midnight today that is November 24 your old Rs 500, Rs 1000 notes won’t be accepted in petrol pumps, government hospitals etc. Don’t panic! You have the option of going to the bank and getting the notes exchanged till December 30. After that you will have to go to the Reserve Bank of India (RBI) for currency exchange. Government can make an announcement today that the deadline for exchanging notes will be further extended, says a Dainik Bhaskar report. At present you can use your old Rs 500, Rs 1000 notes at petrol pumps, governmnet hospitals, for purchasing metro, railway and air tickets, Mother dairy, public transport, for paying water, electricity bill, cemeteries, railway catering, buying tickets of monuments.
Yesterday, the government decided that no service charge will now be levied for use of debit cards. Department of Economic Affairs Secretary Shaktikanta Das said that till December 31, 2016, no service charges will be levied on debit cards and that the move is meant to ensure greater penetration of digital transaction. Also, the balance that can be kept in prepaid wallets and cards was doubled to Rs 20,000. The Reserve Bank of India also said merchants can transfer up to Rs 50,000 per month from these so-called semi-closed prepaid payment instruments to their bank accounts. The relaxation will be applicable until December 30, the RBI said.
The Narendra Modi government has come under severe criticism from the Opposition for its move to demonetise old Rs 500 and Rs 1000 notes. The reaction on the ground has, however, been mixed. While most people have lauded the move to check black money and corruption, many have said that the implementation, especially when it comes to availability of currency, should have been much better. Struggling to deal with growing anger among the public over cash crunch, the Modi government is issuing new guidelines every few days. These are based on public feedback and are aimed at reducing the problems that common man is facing, following the massive demonetisation drive. The government has also warned that those who are using other people’s bank accounts to convert their black money will be severely punished. Not only that, those who allow their accounts to be misused for this purpose will also face prosecution.