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

Tightening its demonetisation policy, the government has suspended over-the-counter exchange of old notes from November 25. It means there will be no exchange of old Rs 500 and Rs 1000 notes from tomorrow.

It said that the Rs 500 notes will be allowed till December 15 in places where it is already being accepted.

Rs 1,000 notes will not be eligible for exemption, the government announced. There is a complete ban on the usage of these notes from today midnight.

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.

“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,” the statement added.

Payment of utility bills and arrears will continue to be accepted, but these payments have now been limited to water and electricity, and that too only for individuals and households.

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Rs 500 and Rs 1000 notes

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