The government on Thursday announced new rules for dealing with exchange of Rs 500 and Rs 1,000 notes. Here is a point-wise explanation of the rules.
There will be no over the counter exchange of old Rs 500 and Rs 1,000 notes after November 24 midnight.
The government had permitted various exemptions for certain transactions and activities wherein payment could be made through old notes. It has been decided that all these exemptions, with the additions and modifications as detailed below, may be continued for a further period from November 24 midnight to December 15:
1. Payments for the transactions under all the exempted categories will now be accepted only through old Rs 500 notes.
2. Payment of school fees up to Rs 2000 per student in central government, state government, municipality and local body schools.
3. Payment of fees in central or state government colleges.
4. Payments towards pre-paid mobile top-up to a limit of Rs 500 per top-up.
5. Purchase from consumer cooperative stores will be limited to Rs 5,000 at a time.
6. Payment of current and arrear dues to utilities will be limited to only water and electricity. This facility will continue to be available only for individuals and households.
7. Transport ministry has decided to continue toll-free arrangement at the toll plazas up to December 2. After that toll payment at these toll plazas may be made through old Rs 500 notes from December 3 to December 15.
8. Foreign citizens will be permitted to exchange foreign currency up to Rs 5,000 per week. Necessary entry to this effect will be made in their passports.
Also, petrol pumps and LPG stations will accept old Rs 500 notes till December 15. But old Rs 1,000 notes will not accepted there too, Dharmendra Pradhan, m,inister of state for petroleum & natural gas, tweeted on Thursday.
(From the website of government’s Press Information Bureau)