From 24 November 2016 old Rs.500, Rs.1000 notes cannot be exchanged at Banks. It was a new decision taken different from old decision to continue exchanging of notes till 30-12-16. So what can be done by people who are still possessing old Indian currency notes of denominations 500, 1000. Old 500 rupee note payments for many public utilities has been allowed by Central Government. Another thing to remember is that old Rs.1000 currency notes will be accepted as payment anywhere after 24 November 2016. After this date Rs.1000 notes also cannot be exchanged at banks. It can only be deposited in bank accounts of customers.
Will they lose money because of this new policy change. There is nothing to worry, only exchange of notes is stopped. You can still deposit this cash in your bank accounts till 30 December 2016. You can use this old Rs.500 currencies notes to make payments to various Government related taxes, services .etc. This type of payments has been allowed till 15th December 2016. So last date of making payments of Rs.500 notes for public utilities is 15-12-2016.
Banned Rs. 1000 notes cannot be given anywhere including petrol pumps. Only old Rs.500 notes will be accepted till 15-12-16 for making payments at various places like government hospitals, petrol pumps .etc.Over the counter exchange of old notes ended very soon before actual time limit. It was decided like this to end practices going on various places regarding fake persons or binami’s coming to exchange old cash. As an action against all such activities it was decided to allow only deposit of old money in to bank accounts. After demonetization done from 8 November 2016, there are strict regulations in India regarding withdrawal, deposits of cash. According to Narendra Modi, India should change to a currency-less country, where only transactions through mobile wallets, cards are done. In coming years it is hoped to be implemented in India, as everyone understands ease of it.
So how can everyone tackle this situation. Indian prime Minister is recommending usage of payments through cards or download apps in smart phones to use as e-wallets.
Why old Rs.1000 notes are not accepted to make payments till 15-12-16. It’s simply because highest number of fake currency is in form of 1000 rupee note. By allowing such notes to be deposited at bank accounts only, Indian Government is making it difficult for everyone having black money.
What are public utilities or services which will continue to accept old currency notes of Rs.500 till 15 December 2016. Detailed list of all public utility services where old Rs.500 can be given is updated. Places where old Rs. 500 note is accepted till 15-12-2016,
- All central – state government school, college fees up to Rs.2000 can be remitted using old rs.500 notes.
- Old Rs.500 notes can be used for payment of medical expenses at government hospitals.
- Toll booths in India were told not to collect any cash from people till 4 December 2016. After that Rs.500 notes will be accpeted.
- Pre paid mobile top up charges u to to Rs 500 per transaction.
- Up to Rs.5000 can spend in cash at consumer cooperative stores
- Electricity, Water charges can also be paid using old notes.
- Tourists can exchange Foreign currencuy currency up to Rs 5,000 per week. These are various limits, procedures regarding depositing, withdrawal of ATM cards.