The exchange of banned 500 and 1,000 currency notes at banks has been stopped

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The government in a decision taken on Thursday halted the exchange of banned 500 and 1,000 currency notes at banks, effective from midnight of November 24. In any case, the trade will be allowed at Reserve Bank counters subjected to the limit of up to Rs 2,000 for each individual.

"The Reserve Bank of India informs individuals regarding open that trade of banknotes in Rs 500 and Rs 1000 sections, whose legitimate delicate status has been pulled back, will keep on being accessible at the counters of the Reserve Bank upto as far as possible per individual as up to this point. (However such trade office is no more extended accessible at other banks' counters)," the national bank said in an announcement.

Halting the trading of banned notes at banks, the legislature said that the trading of old cash notes 500 and 1000 group "has demonstrated a declining pattern".

"It has further been felt that individuals might be urged and encouraged to store their old Rs. 500 and Rs. 1000 notes in their ledgers. This will empower individuals who are still unbanked, to open new financial balances," the legislature said in an announcement.

The administration likewise amplified exceptions being used of old coin notes till December 15, with specific increments and changes. Notwithstanding, installments for the exchanges under all the exempted classes will now be acknowledged just through old 500 notes.

This implies the exclusion conceded for utilization of old 500 notes at petrol pumps, government clinics and open utilities will proceed till December 15. So additionally for the buy of LPG gas chambers, purchasing of prepare tickets at railroad counters, plane tickets at airplane terminal tickets and transport tickets at counters of government or open division endeavors.

Here are some of the other changes:

The government has extended toll waiver on highways till December 2. From December 3 to December 15, payment at toll plazas can be made through old 500 currency notes.Payment of school fees up to Rs 2,000 per student in central government, state government, municipality and local body schools can be made through old 500 notes. Payment of fees in central or state government colleges can also be made through old 500 notes.

Payments towards pre-paid mobile top-up up to a limit of 500 per top-up can be made via old 500 notes while purchase from consumer cooperative stores will be limited to Rs 5000 at a time.

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. Foreign citizens will be permitted to exchange foreign currency up to Rs 5000 per week.