Exchange of old currency notes over the counter stopped

Exchange of old currency notes of 500 and 1000 rupees over the counter has been stopped from last midnight but people can deposit old notes in their bank accounts upto 30th of December, the Finance Ministry said adding that foreign citizens will be permitted to exchange foreign currency upto five thousand rupees per week. The entry to this effect will be made in their passports.

The Government has also extended the use of old currency for payment of public utilities bills upto 15th of next month adding some other services under the exempted category. However, 1000 rupees notes will not be accepted any more in exempted categories and only 500 notes will be accepted.

In a statement, the Finance



Ministry said payment of School fees up to 2000 rupees per student in Central Government, State Government, Municipality and local body schools and payment of fees in Central or State Government colleges have been added in the exempted categories.

Besides, payments towards pre-paid mobile top-up to a limit of 500 rupees per top-up and purchasing from Consumer Cooperative Stores upto 5000 rupees at a time have been allowed through old note of 500 rupees. The Payment of current and arrear dues to utilities will be limited to only water and electricity.

No fee will be charged at toll plazas on Highways till 2nd of December. Thereafter, fee can be paid by old 500 rupees notes upto 15th December.