Banking

Over the counter exchange of demonetised notes stops from November 25

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500-and-1000-noteAfter the dramatic announcement of demonetisation of Rs 500 and Rs 1,000 notes, over the counter exchange of demonetised notes has been stopped with effect from November 24th midnight.

As per the finance ministry release , over the counter exchange of old currency notes of Rs 500 and Rs 1000 has been stopped with effect from November 24th midnight, while the deadline to use these notes for essential services has been extended to December 15.

Furthermore as per the release, the scrapped currency notes can be used now to avail a range of new services. These include payment of school fees up to Rs 2,000 per student in Central Government, State Government, Municipality and local body schools; fee at Central or State Government colleges; pre-paid mobile top-up to a limit of Rs. 500 per top-up while purchases from Consumer Cooperative Stores will be limited to Rs. 5000 at a time.

Payments and arrears for utilities using the old notes will be limited to only water and electricity. This facility will continue to be available only for individuals and households.

Toll payment at toll plazas may be made through old Rs 500 notes up till December 15.

The release further stated that , 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.

Here in brief are the important decisions by the Centre

* Over the counter currency exchange for old notes stopped

* Current currency exemptions on essential items extended till December 15

* Only old Rs 500 notes for transactions under all the exempted categories

* Prepaid mobile top up limited to Rs 500

* Purchase of Consumer Cooperative Stores limited to Rs. 5000

* Payment of School Fees Upto Rs 2000 allowed in all govt schools — central, state, municipal and other local bodies

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