Demonetization had already created a lot of hassles for common people. All of a sudden PM Modi announced that Rs 500 and Rs 1000 notes will no longer be accepted as legal counterfeit.
To cope up with the situation, RBI had printed new Rs 2000 notes. But once again, people had to suffer in order to get their old notes exchanged; the limit was set to Rs 4,500 per day but was reduced to Rs 2000 due to shortage of currency. This had led to never ending queues outside ATMs and Banks.
However, demonetization policy has tightened once again and you will be shocked to hear the latest announcement made by the Government. From 24th November i.e. today midnight, you won’t be able to exchange your old currency notes. Yes, over the counter exchange of your old notes is STOPPED!
Now you can only deposit the old notes in Bank. There is no over the counter EXCHANGE available after 24th midnight
However, some relief was offered as government extended the usage of old Rs 500 notes for key utilities till 15th of December. These include:-
(a) Payments for the transactions under all the exempted categories will now be accepted only through old Rs. 500 notes (Petrol pumps, hospitals, medical stores, airports, railway stations, bus booking counters)
(b) Payment of School fees up to Rs. 2000 per student in Central Government, State Government, Municipality and local body schools.
(c) Payment of fees in Central or State Government colleges.
(d) Payments towards pre-paid mobile top-up to a limit of Rs. 500 per top-up.
(e) Purchase from Consumer Cooperative Stores will be limited to Rs. 5000 at a time.
(f) Ministry of Road Transport and Highways has extended free toll till 2nd of December, but from 3rd of December till the 15th of December, only old Rs 500 notes will be accepted
(g) 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
Rs 1000 notes WILL NOT BE ACCEPTED AT ALL from tomorrow. You can just get them deposited in your bank accounts; you can’t use them even at these emergency places.
A government statement read
“It has been observed that over the counter exchange of the old currency notes of Rs 500 and Rs 1000 denomination has shown a declining trend,” read a government statement announcing the move”
Further, it read
“It has further been felt that people may be encouraged and facilitated to deposit their old Rs 500 and Rs 1000 notes in their bank accounts. This will encourage people who are still unbanked to open new bank accounts. Consequently, there will be no over the counter exchange of old Rs 500 and Rs 1000 notes after midnight of 24.11.2016,”
So from tomorrow, there would be no exchange. You just have 1 option i.e. to deposit in your bank account. Modi is confusing the black money holders, don’t you think so? Do share your views in our comments section below
