As note deposit deadline ends, here’s how rules changed over 50 days | business-news | Hindustan Times
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As note deposit deadline ends, here’s how rules changed over 50 days

business Updated: Dec 30, 2016 14:21 IST
Demonetisation

In a shock announcement on Nov 8, Prime Minister Narendra Modi said that Rs 500 and 1,000 banknotes were being withdrawn from circulation in a bid to crack down on corruption and counterfeit currency .(Vipin Kumar/HT Photo)

Ever since the government announced the scrapping of Rs 1000 and Rs 500 in a surprise move on November 8, the rules on movement of the new currency and the exchange of old currency has changed at least 60 times. Here is the list of the ever-changing rules:

Cash Exchange/Deposits

November 8: Government announced that old notes worth Rs 4000 can be exchanged at banks.

November 13: Cash exchange limit over the counter increased to Rs 4500.

November 17: Limit reduced to Rs 2000.

November 24: Old notes cannot be exchanged at banks only deposits allowed. Only foreigners allowed to exchange currency up to Rs 5000 per week.

December 19: RBI imposes deposit cap of 5000 rupees until Dec 30 subject to satisfactory response on such late deposit

December 21: RBI withdraws notification

December 30: Deposit of old notes not allowed anymore at banks. They can be exchanged at RBI offices across the country.

Cash Withdrawal

November 8: Government limits ATM withdrawals at Rs 2000.

November 8: Withdrawal limit from banks fixed at Rs 20,000 for a week and a daily limit at Rs 10000.

November 13: Cash withdrawal limit at ATMs increased to Rs 2500 per day in the recalibrated ATMs.

November 13: The weekly limit for withdrawal from bank accounts increased to Rs 24,000, the daily limit is removed.

November 30: RBI tightens monthly withdrawal rules from “Jan Dhan” accounts for poor

Use of Old Notes

November 8: Old notes to be accepted at government hospitals, fuel stations, airports and railways.

November 9: Old notes to be accepted even at metro stations, ASI monuments, toll plazas and medicine shops.

November 10: Government announced that now- defunct currency notes of 500 and 1000 will be accepted for making payments towards fees, charges, taxes and penalties payable to the central and state governments including municipal and local bodies, and other utility charges like water and electricity.

November 14: Government extends existing exemptions for acceptance of old Rs 500 and Rs 1000 notes up to 24 November, 2016 midnight.

November 24: Old notes of Rs 1000 cannot be used. Government allows use of Rs 500 to pay for fuel, mobile recharges, water and power bills. Government-run school and college fees can also be paid with old notes of Rs 500.

Ordinance

Government passes Ordinance to making holding of more than 10 junked notes an offence punishable with a fine. The rule starts after December 31.

Exceptions for Farmers

November 17: Farmers allowed to withdraw up to Rs. 25000 per week to ensure proper sowing of Rabi crops. Agriculture traders allowed to withdraw Rs 50000 to facilitate smooth operation of mandis.

Exceptions for Weddings

November 17: Families allowed to withdraw up to Rs 2,50,000 from their own bank accounts, in case of a wedding.