No over the counter exchange of old notes from tomorrow: Finance ministry

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The finance ministry has said effectively banned the exchange of old notes from Friday.

This means that anyone still left with demonetised Rs 500 and Rs 1,000 notes will have to deposit them in their accounts even though withdrawal of money has become extremely difficult for customers across India.

The Hindu reported that the payment for transactions under all exempted categories will now be accepted only through old Rs 500 notes.

There are also reports that payment of fees in central or state govt colleges will also accept old Rs 500 notes.

The PTI reported that government had also extended usage of old notes for payment in public utilities till 15 December.

Foreign citizens will be permitted to exchange foreign currency upto Rs.5,000 per week. Entry to this effect will be made in their passports, reported ANI.

Purchase from consumer cooperative stores will be limited to Rs. 5000 at a time. Also, payments towards pre paid mobile top-up to a limit of Rs. 500 per top-up will be accepted through old Rs 500 notes.

The Centre’s Narendra Modi government has been accused of several U-turns on its implementation of demonetisation announcement.

The government had first allowed an individual to exchange up to Rs 4,000 old notes. This was incleased to Rs 4,500 before soon being reduced to just Rs 2,000 once in this calendar year.

More than 60 people have died due to demonetisation related stress since 8 November.

More to follow

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