BREAKING NEWS: Government advances old Rs 500 note-exemption by a day

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Government advances old Rs 500 note-exemption by a day

 

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Government has been reviewing the different operational aspects of the matters related to the cancellation of the legal tender character of old high denomination notes of Rs.500/- and Rs.1,000/-. There has been a declining trend in the receipt of these old currency notes of Rs.500/- and Rs.1000/-. Further, a number of steps have been taken for promoting digital transactions.

Keeping the above in view, the exemptions that have been given for use of Rs.500/- old notes, were re-examined by the Government and the following exemptions are, therefore, being withdrawn from the mid night of December 9, 2016:

· For making payments at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses for purchase of tickets;
· For making payments to catering services on board, during travel by rail; and
· For making payments for purchasing tickets for travel by suburban and metro rail services.