Free Press Journal

Demonetisation: Deadline for Rs 500 and Rs 1000 notes ends tonight, what next?

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INDIA-ECONOMY-CURRENCY

Prime Minister Narendra Modi on 8 November announced the demonetisation, it had allowed the use of old notes at petrol pumps, government hospital, railway ticketing and crematoriums and burial grounds for 72 hours. However, the deadline was later extended by another 72 hours and the list extended to metro rail tickets, highway toll, medical stores, and LPG gas and government dues.

Also Read : Demonetisation: After petrol pumps, Big Bazaar to dispense cash upto Rs 2000

After six days, on 14 November the government further extended the deadline to 24 November, i.e. today. However, even a fortnight after demonetisation, queues can be seen outside banks and ATMs, albeit smaller, across the country. Till yesterday, out of 2.2 lakh ATMs countrywide, as many as 82,500 ATMs had been recalibrated to dispense the new Rs 500 and 2,000 notes.


From 24 November midnight, the people will not be able to purchase petrol-diesel, milk, metro tickets and other facilities with the old currency notes.

What will happen from Nov 24 midnight?

  1. Petrol pump, hospitals will not accept the old Rs 500 and Rs 1000 note
  2. Railway reservation and Airport won’t accept
  3. Cannot pay electricity bill, water bill, property tax or any other kind of government dues with old notes
  4. Toll suspension deadline also ends on Nov 24 midnight
  5. Medical stores, LPG gas cylinder also won’t accept the old currency

What can you do of your old notes?

Can exchange in any of the banks but the exchange limit is Rs 2000 per person per day.

According to Finance Ministry, the old currency notes can be used for deposits in post office savings accounts. The ministry had yesterday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes.

The last date for exchange is 30 December

What you can do after 30 December?

Exchange notes at RBI till March 31, 2017.

After 30th December, you can exchange the cash till 31st March but you have to tell why you didn’t exchanged it earlier, where you got that notes now and also have to submit an affidavit.

From where you can get the change?

You will get the change (Rs 100) from the bank.

By swapping your card at Petrol pumps and even from Big Bazaar

Farmers can use the notes for buying seeds

Other facilities

Cash withdrawal for weddings will remain at Rs 2.5 lakh

Toll deadline for the collection of toll across all National Highways is extended to 1st December.