Govt reiterates: No extension of over-the-counter exchange of old Rs 500, Rs 1,000 notes

The ministry also added: "Foreign citizens will be permitted to exchange foreign currency up to Rs.5,000 per week. Entry to this effect will be made in their passports."

By: Express Web Desk | New Delhi | Updated: November 24, 2016 8:18 pm
Narendra Modi, Demonetisation, Finance Ministry, Manmohan singh, Old notes, Old notes exchange date, Photo for representational purpose. (Express photo by Ganesh Shirsekar)

The Finance Ministry on Thursday decided that there will be no over the counter exchange of old Rs. 500 and Rs 1,000 notes after midnight of November 24, among other measures. The government also said that certain other exemptions relating to cancellation of legal tender character of old Rs. 500 and Rs.1000 notes has been extended up to December 15. The ones extended till December 15 include, payment of current and arrears dues to utilities which will be limited to only water and electricity. As far as petrol pumps are concerned, Minister of State for Petroleum and Natural Gas Dharmendra Pradhan today announced that after midnight, petrol pumps and LPG shops will continue to accept old Rs 500 notes till December 15, however old Rs 1,000 notes will not be accepted.

The ministry also added: “Foreign citizens will be permitted to exchange foreign currency up to Rs.5,000 per week. Entry to this effect will be made in their passports. Toll payment at toll plazas can be made via old Rs.500 notes from December 3 till December 15 as toll free arrangement continues up to 2nd Dec.”

As per the Press Information Bureau release, the government has also permitted various exemptions for certain transactions and activities wherein payment could be made through old Rs. 500 and Rs. 1000 notes.

Here’s the full text of the release:

It has been decided that all these exemptions, with the additions and modifications as detailed below, may be continued for a further period from the midnight of 24.11.2016 up to and inclusive of 15.12.2016 :-

1. Payments for the transactions under all the exempted categories will now be accepted only through old Rs. 500 notes.

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

3. Payment of fees in Central or State Government colleges.

4. Payments towards pre paid mobile top-up to a limit of Rs. 500 per top-up.

5. Purchase from Consumer Cooperative Stores will be limited to Rs. 5000 at a time.

6. Payment of current and arrears dues to utilities will be limited to only water and electricity. This facility will continue to be available only for individuals and households.

7. Considering that the Ministry of Road Transport and Highways have continued the toll free arrangement at the toll plazas up to 2.12.2016, it has been decided that toll payment at these toll plazas may be made through old Rs. 500 notes from December 3 to December 15, 2016.

8. Foreign citizens will be permitted to exchange foreign currency up to Rs. 5000 per week. Necessary entry to this effect will be made in their passports.