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.

For all the latest Business News, download Indian Express App

  1. A
    Avi
    Nov 24, 2016 at 3:43 pm
    I'm very positive about the currency demonetisation. It's possible and has a potential to make worlds fastest developing country and a priority/facilities to Poor sections.
    Reply
    1. A
      Avi
      Nov 24, 2016 at 5:53 pm
      This drive has a potential to make The India great and take it on good progress to convert poor to middle cl. I don't care about real rich.. for them I think lots of policies have been simplified.lt;br/gt;lt;br/gt;Imagine if all poor workers start getting ry by cheque.. the payees/companies will have to give them minimum ry as per low, offer ESI/PF if recruited more than 20 at a time. I can think of the poorest of poor are the biggest beneficiaries of the scheme.lt;br/gt;lt;br/gt;In fact they should demand to get paid in cheques, force govt to open branches/ATM etc. Unfortunately they are being misguided intentionally because of lack of education and hence suffering.
      Reply
      1. G
        Govinda
        Nov 24, 2016 at 3:55 pm
        Dictator Modi who himself stormed to power using tens of thousand crores from undisclosed funds possibly Black Money in his Election in 2014 is now calling Kettle Black. The Motive behind all this is to break the backbone of 125 crores under flase pretext then go after judiciary and everything else. There seems to be no gurantee that people will be able to withdraw the White Money which was in their bank account before November 8 for which they paid Income Tax regularly. Modi has deplo RSS agents over Internet and around the country to unleash his dictorship which protecting all Big fishes with Black Money in Swiss Bank and abroad. 100 crore people we hope soon will come out in full force on the street all over India to defend the Freedom and Democracy in this country from RSS puppet Modi.
        Reply
        1. A
          ashok s
          Nov 25, 2016 at 12:09 am
          Ha ha what a joke bjp giving big escape route to adag companies . they will easily say they sold top up vouchers and collected old cash , same applies for electricity bills
          Reply
          1. A
            Ashutosh
            Nov 24, 2016 at 4:40 pm
            So how many crores do you think one illiterate poor Indian will have to exchange ?
            Reply
            1. D
              Dash
              Nov 24, 2016 at 3:08 pm
              It's a brilliant decision. It'll stop conversion of blackmoney to some extent and bring more people into banking system. Some illiterates here in commeng section are not able to understand that people can deposit in their bank accounts.
              Reply
              1. D
                Dash
                Nov 24, 2016 at 5:02 pm
                Disallowing over the counter exchange of Rs 1000 and 500 notes'll bring more people into banking system and check conversion of blackmoney. Great decision by govt.
                Reply
                1. D
                  Dash
                  Nov 24, 2016 at 5:06 pm
                  Never thought people will support demonetization so enthusiastically despite facing inconvinience. Right-thinking people are with Modi. Met a Cong. supporter who said Modi should stay in power for at least 15 years. This man is made of some different material.
                  Reply
                  1. Load More Comments