New Delhi: Union Government has said that exemption provided for the use of old Rs 500 notes will come to an end at the midnight of December 15. Earlier there were reports that the Rs 500 note’s use will come to an end on December 14. The clarification was made by the Finance Ministry earlier today.
Prime Minister Narendra Modi announced the demonetization of Rs 1000 and Rs 500 notes on the night of 8th November. With the ill-thought out announcement close to 90 percent currency notes in circulation ceased to be the legal tender. Never in the history of any country with stable economy such a move was made. It has no precedence in the developed world and the whole nation is suffering from its consequences.
Economic Affairs Secretary Shaktikanta Das in a clarification through a tweet said, “Exemptions for use of old Rs 500 notes will end on 15 Dec midnight. Sections of media reporting wrongly as if it’s tonight (December 14)”.
The government had allowed the use of Rs 500 note in certain areas after completely abolishing the use of Rs 1000 note. The usage of old Rs 500 notes at railway ticketing counters, to buy tickets of government or public sector undertaking buses and to pay catering services on board during travel by rail was discontinued from December 10 midnight.
Exemption for old notes for purchase of air tickets, petrol, diesel and gas at stations of state-run oil companies had come to an end on December 2. The payment at toll plaza in demonetised currency was also withdrawn earlier. After Thursday midnight, Rs 500 notes would no longer be allowed to be used for the list of exemptions the government had announced. However, the demonetised Rs 500 and Rs 1,000 notes can be deposited in bank accounts till December 30.
This means that people can use the Rs 500 note in the following services till midnight of December 15. Payment of fees up to Rs 2,000 per student in central and state government colleges as well as central government, state government, municipality and local body schools. Payments towards pre-paid mobile to a limit of Rs 500 per top-up. Purchase from consumer cooperative stores limited to Rs 5,000 at a time. Payment of current and arrear dues of water and electricity utility bills for individuals and households. Foreigners can exchange foreign currency up to Rs 5,000 per week. Necessary entry to this effect made in their passports. For payments in government hospitals for medical treatment. For use in all pharmacies for buying medicines with doctor’s prescription. For purchases at government-run milk booths. For payments at crematoria and burial grounds. For use at international airports for arriving and departing passengers up to Rs 5,000. For purchase of LPG gas cylinders. For purchase of entry tickets at monument maintained by the Archaeological Survey of India. For payments towards fees, charges, taxes or penalties, payable to central or state governments, including municipal and local bodies. For payments towards court fees. For payments towards purchase of seeds from designated state-run outlets etc.