No more exchange of old Rs 500 and Rs 1000 notes in banks

Updated: 25/Nov/2016 11:06:31 AM

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Petrol bunks and government offices will continue to receive old notes. In connection with the central government has issued a notification:

The exchange of the high-value notes of Rs. 500 and Rs. 1,000 over the counter at banks and post offices has-been stopped with immediate effect.

Changes will not be given in exchange of old notes in banks.
Old 500 and 1000 rupee notes can be deposited only in bank accounts.
Old notes can be used for public utilities for a further period from the midnight of November 24 upto and inclusive of December 15, 2016.
Old 500 and 1000 rupee notes can be used in petrol bunks and hospitals till 15th December.
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.
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.
Old notes can be used for payment of school fees up to Rs 2000 per student in central government, state government, municipality and local body schools.
Old notes can be used for payments towards pre-paid mobile top-up to a limit of Rs 500 per top-up
It has been decided that toll payment at these toll plazas may be made through old Rs 500 notes from December 3, 2016, to December 15, 2016.