Old Notes Cannot Be Exchanged From Today

The Union government has stopped the allowance of exchange of old notes over the counter at banks and post-offices from yesterday midnight. Old Rs 500 notes can be used to make payments at petrol bunks, electricity department, water supply and property tax until December 15.

The Rs 500 and Rs 1000 notes can no longer be exchanged at banks, they can only be deposited. Previously, the system of inking people with indelible ink had helped reduce the rush, now the blockage on exchange of old notes will reduce the rush further.

Exceptions can be made about the Rs 500 notes, but the Rs 1000 notes cannot be exchanged. Other than depositing in banks, the Rs 1000 notes cannot be used anywhere. The Rs 500 can be used for exempted purposes, said the district administration.

Fees upto Rs 2000 can be made at government and municipal educational institutions using the old Rs 500 notes. The old Rs 500 notes can also be used to make pre-paid mobile top-ups for upto Rs 500. Foreign citizens can exchange foreign currency upto Rs 5000 per week. An entry will be made into their passports about the same.

The government has taken the decision after taking feedback about a series of issues from the announcement till the extended deadline of November 24 yesterday. They are estimating that there will be an average number of 20-30% people left with old notes who will have to open bank accounts to deposit the money.

So far, Rs 168 crore has been collected from Visakhapatnam in old notes, Rs 10 crore yesterday alone. Rs 16.5 crore has been collected as property tax and other forms of taxes till yesterday from the city. Usually, the amount of tax collected stands at Rs 5-6 crore.

Feature Image Credit: map2city

This post was last modified on 25/11/2016 5:47 pm

Leave a Comment
Published by
Team Yo! Vizag

Recent Posts

Visakhapatnam news: IIT Bhubaneswar to host an open house in Vizag

Indian Institute of Technology (IIT) Bhubaneswar is hosting an Open House in Visakhapatnam for prospective…

1 hour ago

AP Government eyes growth in the gaming, animation industry

The State Government is working on introducing and implementing a new policy, targeting the AVGC-XR…

2 hours ago

President Droupadi Murmu to Visit Visakhapatnam on June 10

The President of India, Droupadi Murmu, is set to visit Visakhapatnam on June 10 to…

3 hours ago

Cleanse your Soul by Visiting these 6 Cleanest places in India from Vizag  

Visakhapatnam is known as one of the cleanest cities in India, a place where modern…

20 hours ago

Mango Biryani to Mango Matcha: 7 Spots in Vizag Serving Aam-azing Mango Menus This Summer

There’s no denying it - summer in Vizag is incomplete without the king of fruits.…

20 hours ago

India’s first 9000 HP locomotive to be maintained in Visakhapatnam

India’s first 9000 HP electric locomotive engine was launched by Prime Minister Narendra Modi in…

21 hours ago