Indian currency rule changes continue to be announced

Latest news on discontinued Indian currency notes

The Government of India has now announced that old currency notes of Rupees 500 & 1000 that were demonetized as of November 9, 2016 can be deposited in bank accounts until December 30, 2016 only once if the amount in such currency notes is more than Rupees 5000. There is also an additional condition for such deposits announced by the RBI that a satisfactory explanation would be required to be given to two officials explaining why these notes had still not been deposited by the account holder.

Here are currency rules as announced after currency

notes of Rs. 1000 & 500 demonetized

November 8: Government announced that old notes worth Rs. 4000 can be exchanged at banks. Government limits ATM withdrawals at Rs 2000 Withdrawal limit from banks fixed at Rs 20,000 for a week and a daily limit at Rs 10000 Old notes to be accepted at government hospitals, fuel stations, airports and railways November 9: Old notes to be accepted even at metro stations, ASI monuments, toll plazas and medicine shops November 10: Government announced that now- defunct currency notes of 500 and 1000 will be accepted for making payments towards fees, charges, taxes and penalties payable to the central and state governments including municipal and local bodies, and other utility charges like water and electricity. November 13: Cash exchange limit over the counter increased to Rs 4500. Cash withdrawal limit at ATM’s increased to Rs 2500 per day in the re-calibrated ATM’s. The weekly limit for withdrawal from bank accounts increased to Rs 24,000, the daily limit is removed. November 14: Government extends existing exemptions for acceptance of old Rs 500 and Rs 1000 notes up to 24 November, 2016 midnight. November 17: Limit reduced to Rs 2000. Farmers allowed to withdraw up to Rs. 25000 per week to ensure proper sowing of Rabi crops. Agriculture traders allowed to withdraw Rs 50000 to facilitate smooth operation of Mandi’s. Families allowed to withdraw up to Rs 2,50,000 from their own bank accounts, in case of a wedding. November 24: Old notes of Rs 1000 cannot be used. Government allows use of Rs 500 to pay for fuel, mobile recharges, water and power bills. Government-run school and college fees can also be paid with old notes of Rs 500.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
NRI
Information by Virendar Chand
NRI Information for OCIs - PIOs on PAN Cards, OCI, Visas, Property, Immigration, Customs Duties & more
N RI
Custom Search
Search Nri Information
next previous A Book for NRIs PIO & OCI Information at your fingertips!
Available worldwide from Amazon
Information, tips & guide for non-resident Indians to help them understand and deal with several issues in India
Free delivery with Amazon Prime
nri guide v k chand
N
RI Information
 Informing  educating and connecting Indians across the globe
next next previous previous twitter  Follow us on N RI

Indian currency rule changes

continue to be announced

Latest news on discontinued Indian

currency notes

The Government of India has now announced that old currency notes of Rupees 500 & 1000 that were demonetized as of November 9, 2016 can be deposited in bank accounts until December 30, 2016 only once if the amount in such currency notes is more than Rupees 5000. There is also an additional condition for such deposits announced by the RBI that a satisfactory explanation would be required to be given to two officials explaining why these notes had still not been deposited by the account holder.

Here are currency rules as

announced after currency notes of

Rs. 1000 & 500 demonetized

November 8: Government announced that old notes worth Rs. 4000 can be exchanged at banks. Government limits ATM withdrawals at Rs 2000 Withdrawal limit from banks fixed at Rs 20,000 for a week and a daily limit at Rs 10000 Old notes to be accepted at government hospitals, fuel stations, airports and railways November 9: Old notes to be accepted even at metro stations, ASI monuments, toll plazas and medicine shops November 10: Government announced that now- defunct currency notes of 500 and 1000 will be accepted for making payments towards fees, charges, taxes and penalties payable to the central and state governments including municipal and local bodies, and other utility charges like water and electricity. November 13: Cash exchange limit over the counter increased to Rs 4500. Cash withdrawal limit at ATM’s increased to Rs 2500 per day in the re-calibrated ATM’s. The weekly limit for withdrawal from bank accounts increased to Rs 24,000, the daily limit is removed. November 14: Government extends existing exemptions for acceptance of old Rs 500 and Rs 1000 notes up to 24 November, 2016 midnight. November 17: Limit reduced to Rs 2000. Farmers allowed to withdraw up to Rs. 25000 per week to ensure proper sowing of Rabi crops. Agriculture traders allowed to withdraw Rs 50000 to facilitate smooth operation of Mandi’s. Families allowed to withdraw up to Rs 2,50,000 from their own bank accounts, in case of a wedding. November 24: Old notes of Rs 1000 cannot be used. Government allows use of Rs 500 to pay for fuel, mobile recharges, water and power bills. Government-run school and college fees can also be paid with old notes of Rs 500.