Old Rs 500 Notes to be Invalid from December 15 Midnight
The government of India announced the old Rs. 500 notes would be invalid from December 15 midnight.
The government had earlier exempted the ban on the old Rs. 500 notes, saying they could used only for select activities such as paying utility bills, hospital bills and buying cooking gas cylinders.
Exemptions for use of old Rs.500 notes will end on 15 Dec midnight.Sections of media reporting wrongly as if it's tonight.
— Shaktikanta Das (@DasShaktikanta) December 14, 2016
In a tweet earlier today, economic affairs secretary, Shaktikanta Das tweeted, “Exemptions for use of old Rs. 500 notes will end on 15 Dec midnight”.
However, he said people can still deposit their old Rs. 1000 and Rs. 500 notes at the bank branches.
The government of India had withdrawn exemptions on the use of the old Rs. 500 notes at petrol pumps starting Dec 2 midnight.
The decision to withdraw exceptions came after an assessment that the exemption was being misused to launder black money.
The government had also said it had assessed that such an withdrawal of exemption would not affect the movement of goods.
However, the government had allowed the use of old Rs. 500 notes for a number of activities up to December 15 midnight.
The exemptions included use of old Rs. 500 notes for payments at government hospitals and pharmacies for buying medicines with doctor’s prescriptions, purchase of milk at milk boost operating under central and state governments, payments at crematoria and burial grounds, and mobile recharge.
While the government had declared that old Rs. 500 could be used for booking railway tickets and air tickets, it subsequently withdrew the decision following allegations that the exemption was being grossly misused to launder black money.