Demonetisation: new set of rules related to money transaction
New Delhi, November 24: The Government today has decided that there will be no over the counter exchange of old ₹500 and ₹1000 notes after midnight of November 24, 2016.
Here are the lists of changes announced today
- Payments for the transactions under all the exempted categories will now be accepted only through old ₹500 notes;
- Payment of fees in Central or State Government colleges;
- Payments towards pre paid mobile top-up to a limit of ₹500 per top-up;
- Payment of School fees up to ₹2000 per student in Central Government, State Government, Municipality and local body schools;
- Purchase from Consumer Cooperative Stores will be limited to ₹5000 at a time;
- Foreign citizens will be permitted to exchange foreign currency up to ₹5000 per week. Necessary entry to this effect will be made in their passports. (Necessary instructions in this regard will be issued by the RBI.)
- Payment of current and arrear dues to utilities will be limited to only water and electricity. This facility will continue to be available only for individuals and households;
- Considering that the Ministry of Road Transport and Highways have continued the toll free arrangement at the toll plazas up to 2.12.2016, it has been decided that toll payment at these toll plazas may be made through old ₹500 notes from 3.12.2016 to 15.12.2016.