Exchange of old notes over the counter ends today

The government on Thursday suspended the exchange of old currency activity through over the counter to encourage people to deposit old notes in their bank accounts, Ministry of Finance said.

The government has allowed certain exemptions for use of old notes until December 15. The old Rs 500 notes can still be used for the payment of school fees with limit, utility dues and payment of road toll fees.

As per the Ministry, the suspension decision was taken after considering decline in trend.

Here are the details of the exemptions:

(a)    Payments for the transactions under all the exempted categories will now be accepted only through old Rs. 500 notes;
 
(b)   Payment of School fees up to Rs. 2000 per student in Central Government, State Government, Municipality and local body schools;
 
(c)    Payment of fees in Central or State Government colleges;

(d)   Payments towards pre paid mobile top-up to a limit of Rs. 500 per top-up;
 
(e)    Purchase from Consumer Cooperative Stores will be limited to Rs. 5000 at a time;
 
(f)    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;
 
(g)    Considering that the Ministry of Road Transport and Highways have continued the toll free arrangement at the toll plazas up to 2.12.2016, it has been decided that toll payment at these toll plazas may be made through old Rs. 500 notes from 3.12.2016 to 15.12.2016.