No more exchange of Rs 500 and Rs 1000 notes

Posted on November 24, 2016

Today was the last day to exchange your old Rs 500 and Rs 1000 notes in the bank. No more exchange of your old notes from tomorrow morning at banks, as demonetization policy tightens up. But there is nothing to worry; government says you can still deposit the old notes in your bank account.

Narendra Modi government tells that this new move in monetization policy was taken to encourage a cashless economy. Also a statement from government said that trend of exchanging old notes over the counter reduced. Also this move will encourage people to open bank accounts and use it. Well as you know that there are few brokers outside banks, who are exchanging notes on your behalf. With this respect RBI has sent notice to all banks yesterday asking them not to facilitate notes exchange illegally. Read Demonetization News.

There are some exemptions till Dec 15^th for using old notes. But only Rs 500 notes will be accepted and higher denomination like Rs 1000 should be deposited in the bank only. Below are few places you can still use your old notes.

Water and electricity bills can be paid by individuals only
Foreign citizens can exchange upto Rs 5000 per week, provided the exchange details are entered into their passport
Payment of Rs 2000 is accepted in government run schools and colleges
Upto Rs 500 is accepted for mobile top ups
Rs 5000 from Cooperative Stores at a time is accepted
Toll plazas will accept old notes from Dec 3 to 15, but suspension at these plazas continues till 2^nd Dec midnight

Well this is going to be super painful for the common people. Well government should see how the banks are operating now. Banks are doing only currency transactions, they are not giving priority to any other services. If a person who is opening a bank account for the first time will not get any guidance post opening the account. I support Ratan Tata’s thoughts of government having special teams helping the poor and the people in rural areas. This step will create more panic in the shaken up country. Read Business News.

No more exchange of Rs 500 and Rs 1000 notes