Demonetisation: Govt puts total ban on over-the-counter exchange of old notes

In yet another shocker for the public, the central government on Thursday decided to put a total ban on exchange of old Rs 500 and Rs 1000 notes over the counter.

Zee Media Bureau/Rd. Alexander

New Delhi: In yet another shocker for the public, the central government on Thursday put a total ban on over-the-counter exchange of old Rs 500 and Rs 1000 notes from midnight of November 24.

This means that from Friday (November 25), customers will not be allowed to exchange old notes over the counter; they can only deposit it and withdraw it through cheques or ATMs.

“Central Government decides that there will be no over the counter exchange of old Rs. 500 and Rs 1000 notes after midnight of 24.11.2016”, leading news agency ANI tweet.

Central Government decides that there will be no over the counter exchange of old Rs. 500 and Rs 1000 notes after midnight of 24.11.2016.

— ANI (@ANI_news) November 24, 2016

Last week, Zee Media had reported that the government might announce a total ban on exchange of old Rs 500 and Rs 1,000 notes soon since it has purportedly got several reports on anomalies in exchange of old notes.

However, there are no reports of ban on deposits of old notes in banks. This means that the government still permits it and customers will have to withdraw the deposited cash throuhg cheques or ATMs.

Meanwhile, the government extended the use of old Rs 500 note at public utilities till December 15. However, the old Rs 1000 note has been made invalid for any further use exception for deposit into bank accounts.

Earlier, the government had permitted the use of old notes for public utilities till November 24.