In a probe to cancel old currency note in terms of high-denomination only 500 rupee note can further be used until December 15, 2016, despite the nationwide ban of old notes. Although, 1000 rupee note will be discarded completely from today onwards 00:00 hours thus used for any legal tender or transactions.
The Union Cabinet issued a notice regarding the demonetization under which new directives have been formed which include series of exempted categories which the government has settled with some terms and conditions regarding the transaction as well as usage of scrapped high-denomination notes where public and use the old notes from November 24 midnight to December 15 midnight. The exemptions have been mentioned below in the article.
- Transactions or legal tender in terms of public utilities have been extended up to December 15, 2016, and the remaining 1000 rupee note will be completely scrapped for public trade or for those areas which have been completely exempted with certain terms and conditions.
- Payments can be made for School fees for Central government, State government, Municipality and local body schools along with Central and State government colleges and institutions.
- Toll collection on National Highways extended further till December 2, 2016, midnight.
- Payments in mobile top-up but only up to the limit of Rs. 500.
- Purchases from Consumer Cooperative Stores (Kinara) has been limited up to Rs. 5,000.
- Old 500 rupee notes can be used for trade in Toll Plazas on National Highways from December 2 to December 15.
- Payment of current and arrears which are due in Electricity, as well as Water Bill, can be made in old 500 and 1000 rupee notes.
- Foreigners can exchange currency notes into other foreign currency up toRs. 5,000 per week.
Apart from extending the usage of old currency notes of rupee 500 and 1000 until December 15, 2016, Centre has further made an announcement regarding taxation. It has cleared all the current changes in the taxation laws for new savings post decided to be changed on November 8, 2016.