Over-the-Counter Exchange of Demonetised Notes Goes

In a key decision relating to certain operational aspects of the Demonetisation Scheme, the Central Government announced that there would be no over-the-counter exchange of old Rs. 500 and Rs. 1000 notes after Thursday midnight. However, certain other exemptions will continue till December 15 with certain additions and modifications.

The old Rs 500 only can be used for the following transactions:

• Payment of School fees up to Rs 2000 per student in Central Government, State Government, Municipality and local body schools.
• Payment of fees in Central or State Government colleges;
• Payments towards pre-paid mobile top-up to a limit of Rs. 500 per top-up
• Purchase from Consumer Cooperative Stores will be limited to Rs. 5000 at a time.
• Payment of current and dues to utilities will be limited to only water and electricity. This facility will continue to be available only for individuals and households;
• The toll plazas will not collect toll till December 2 and from December 3 till December 15, the payments at the toll plazas can be made through old Rs 500 notes.
• 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.