Old Rs 500 notes News

India`s cooperative banks have also been allowed to exchange old currency notes with the RBI, if they had collected these notes by November 14.

The limited period window for exchange of junked Rs 500 and Rs 1,000 notes by Indians who were abroad ended today with many failing to do so because of limited counters and lack of procedural awareness.  

The Reserve Bank has allowed Indian citizens who were abroad during November-December 2016 to exchange the scrapped notes up to March 31 and NRIs up to June 30.

Holding of more than 10 notes of the junked Rs 500 and Rs 1,000 currency is now illegal, with a new law coming into effect after the President's assent.  

People still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.

While many expect the government to extend the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes, the government has time and again reiterated that it has no plans to do the same.

The Ordinance approved by the Union Cabinet on Wednesday to make holding of old 1,000 and 500 rupee notes after March 31 beyond a threshold amount a criminal offence will attract a minimum monetary fine of Rs 10,000.

As the 50-day deadline for completion of demonetisation process draws near, people have just Friday to deposit old Rs 500, Rs 1,000 notes, pinning their hope on an extension of the date.

New RBI guidelines on cash deposits of demonetised notes.

The government has cut short the deadline of using old Rs 500 notes at railways, bus and metros. After December 10, old Rs 500 will not be accepted.

The government on Monday allowed farmers to purchase seeds with the demonetised bank notes of Rs 500 value.