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.
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© Copyright 2006 Nriinformation.com
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.
