• Associate Sponsor

Today is the last day for using old Rs 500, Rs 1000 notes for payments

The deadline for using old Rs 500 and Rs 1000 notes for payments ends Thursday midnight.

By: Express Web Desk | New Delhi | Updated: November 24, 2016 1:40 pm
demonetisation, Rs 500 note, Rs 1000 note, new Rs 2000 note, Rs 500 note payment, Rs 1000 note deadline, narendra modi FILE – In this Nov. 10, 2016 file photo, discontinued currency notes of 1,000 denomination are seen after they were deposited by people at a bank in Bangalore (AP Photo/Aijaz Rahi, File)

The government’s deadline for using old Rs 500 and Rs 1000 currency notes for payments ends at midnight. Prime Minister Narendra Modi had withdrawn the high-value currency notes from circulation on November 8 in a bid to flush out black money and cut down on corruption. While the old Rs 500 and Rs 1000 notes were recalled, newly-printed denominations of Rs 500 and Rs 2000 were introduced by the Reserve Bank. The government had then set a deadline of November 24 for the people to use the old notes at select places such as government hospitals, toll plazas, railway ticket counters and milk booths. After midnight today, people will only be allowed to exchange the old currency notes for the new notes at banks till December 30.

Ever since the government decision on November 8, long queues have been reported outside banks and ATMs across the country as the people flocked to exchange and deposit the old currency notes. Opposition parties have accused the government of poor planning behind the implementation of the move resulting in large-scale chaos across villages and towns. In the initial days, ATMs were found to be not calibrated to dispense the new notes that were of different design and size. As of Thursday, more than 80,000 ATMs were re-calibrated to dispense the new notes, accounting for 40 per cent of the ATMs in the country.

These are some of the places where the old notes will be accepted until midnight:

* Government hospitals

* Railway and public bus ticket counters

* Pharmacies

* Petrol, CNG and diesel pumps at state-run oil companies

* For purchase of LPG gas cylinders

* For payments at crematoria and burial grounds

* For purchase of tickets at metro and suburban rail counters

* For payment of court fees

* To purchase seeds from state-run outlets

* For foreign tourists to exchange foreign currency up to Rs 5000

For all the latest Business News, download Indian Express App

  1. D
    Nov 24, 2016 at 10:32 am
    Demonetzation has destro the corrupt empires of many people. Even slave Manmohan is speaking now during whose term lakhs of crores of money were looted. He led a govt which destro the India growth story. He himself is an accused in coal scam. NPAs,scams,policy paralyis,low GDP growth,high fiscal deficit are hks gifts to India. Lawda economist tha bhencho*.
    1. M
      Nov 24, 2016 at 8:41 am
      It is a citizen's fundamental right to use whatever mode of payment he likes and the it cannot be FORCED upon him. But the Govt at the behest of Telecom companies who have made mive investments in 4G and who need subscribers overnight has obliged them once more at the cost of immense hardships for everyone else. No wonder all Banks and Telecom companies were ready with their mobile payment ads spanning multiple full pages and no wonder media is quietly carrying them just because they get some crores. Indian corporates and Indian media is acting like organized mafia and making money at the cost of lives, livelihoods and other human being's fundamental right. Its a shame Indian capitalists know of no other way to make blood money. And then beautifully masking their shameful acts by big words like "black money crusade" - everyone knows that just because you transact in cash does not mean you have black money! Mr Modi is beating to pulp the very people who brought him. Surely Congress would be very happy for the way BJP is digging their own grave and instead of making amendments, blanking out or silencing those who voice out concerns. Such dictatorship and arrogance can only bring its own downfall!
      1. R
        Nov 24, 2016 at 10:17 am
        In the interest of general public and till the time RBI/Govt. cannot make sufficient new currency available for the people ,it should of its own extend the time for usage of old Rs 500 and Rs 1000 notes to avoid further chaos and to prevent people getting in further trouble.If no steps are taken considering the interest of large section of people ,that will show that govt. has no concern for the people at all and does not bother, if for want of cash ,people cant have medicines ,petrol ,LPG,tickets for their commuting and travelling, medical isstance and various other basic things of every day requirement .
        1. Vihari Naidu
          Nov 24, 2016 at 2:46 pm
          State run seed outlet's sell only 5% of Indian seeds. What about the remaining 95% farmers who need seeds ?
          1. r
            Nov 24, 2016 at 9:26 am
            Cash payments mean a loss to the exchequer. Cash transactions which should yield Income Tax, Service Tax, s Tax etc go completely under the radar. This is a loss to the nation. The revenue lost means lesser development can happen, which mostly impacts the poor people. So while you're right a person should be allowed to pay in whatever way he / she wants, every person also has the responsibility of declaring their transactions/income and pay their taxes - which unfortunately doesn't happen. We can hatch as many conspiracy theories as we want, but the truth is this requires a huge behaviour change and can only be done big bang. The common man is the biggest conspirator in the black money/parallel economy story.
            1. Load More Comments