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TMI BlogNo over the counter exchange of old ₹ 500 and ₹ 1000 notes after midnight of 24.11.2016;.Certain other exemptions continued till 15th December, 2016 with certain additions and modifications.X X X X Extracts X X X X X X X X Extracts X X X X ..... No over the counter exchange of old ₹ 500 and ₹ 1000 notes after midnight of 24.11.2016;.Certain other exemptions continued till 15th December, 2016 with certain additions and modifications. - News and Press Release Dated:- 24-11-2016 - News - After due consideration of all relevant aspects, the Central Government takes various decisions relating to certain operational aspects of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Scheme relating to cancellation of legal tender character of old ₹ 500 and ₹ 1000 notes. The Central Government has been reviewing the issues related to the cancellation of legal tender character of old ₹ 500 and ₹ 1000 notes. The Government has also been receiving various suggestions in this regard. After due consideration of all relevant aspects, the following dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions relating to certain operational aspects of the Scheme have now been taken: (i) It has been observed that over the counter exchange of the old currency notes of ₹ 500 and ₹ 1000 denomination has shown a declining trend. It has further been felt that people may be encouraged and facilitated to deposit their old ₹ 500 and ₹ 1000 notes in their bank accounts. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will encourage people who are still unbanked, to open new bank accounts. Consequently, there will be no over the counter exchange of old ₹ 500 and ₹ 1000 notes after midnight of 24.11.2016. (ii) Government had also permitted various exemptions for certain transactions and activities wherein payment could be made through old ₹ 500 and ₹ 1000 notes. It has been decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that all these exemptions, with the additions and modifications as detailed below, may be continued for a further period from the midnight of 24.11.2016 up to and inclusive of 15.12.2016 :- (a) Payments for the transactions under all the exempted categories will now be accepted only through old ₹ 500 notes; (b) Payment of School fees up to ₹ 2000 per student in Central G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment, 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 ₹ 500 per top-up; (e) Purchase from Consumer Cooperative Stores will be limited to ₹ 5000 at a time; (f) Payment of current and arrear dues to utilities will be limited to only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ₹ 500 notes from 3.12.2016 to 15.12.2016. (h) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eign citizens will be permitted to exchange foreign currency up to ₹ 5000 per week. Necessary entry to this effect will be made in their passports. (Necessary instructions in this regard will be issued by the RBI.) - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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