The government has completely stopped exchange of old notes at bank counters from tomorrow onwards, but only accept deposits for account holders. However, the deadline to use the old currency notes of Rs 500 and Rs 1,000 to pay for public utilities, which ends tonight has extended till December 15, giving great relief to the cash starved public.
The validity of old notes also extended for payment of fees at government schools and colleges up to Rs 2,000, besides payment towards mobile recharge to the extent of Rs 500. Earlier, in the day already the surface transport ministry has extended waiver toll gate charges till December 2. Foreign visitors also can exchange up to Rs 5,000 in a week.
Following the demonetisation move on Nov 8 eveing, the government had permitted the use of old notes for 72 hours at some public utilities like government hospitals, petrol pumps, consumer Co-Operative stores, LPG Gas cylinders, pharmacies with doctor prescription, power and water bills, milk booths and crematoria among others. The deadline, which was earlier extended till tonight was further extended till middle of the next month.
Meanwhile, in a surprising move Nepal’s central bank Nepal Rastra Bank (NRB( today banned the exchange of India’s new Rs 500 and Rs 2,000 currency notes. It said that new Indian notes cannot be exchanged until the Reserve Bank of India (RBI) issues a new notification under the Foreign Exchange Management Act, stating that such a notification allows citizens of foreign countries to hold a certain amount in Indian currency.
