New Rules for Bank Notes Announced in India

Currency Notes Demonetized in India
Currency Notes Demonetized in India

After the cancellation of legal tender character of old Rs. 500 and Rs. 1000 denomination bank notes, the Indian government had exempted certain categories of transactions wherein the old high denomination bank notes were accepted.

Exemptions were allowed on certain types of transactions wherein payment of old Rs. 500 bank notes were permitted up to a specified date.

Now it has been decided that with effect from the midnight of 2nd December, 2016, petrol, diesel and gas outlets of public sector oil and gas marketing companies will be removed from the exempted category for receipt of old Rs. 500 bank notes.

India’s Prime Minister Narendra Modi had demonetized currency notes of Rs. 500 and Rs. 1000 on November 8, saying that the step has been taken to check corruption and stop the flow of black money.

Common people and opposition parties in India are up in arms against the Modi government because the decision to stop the circulation of currency is causing severe hardships to commoners.

This war-like situation is causing deaths of innocent people who keep standing in queues even in harsh weather with the hope to get their old currency exchanged from banks.

According to a government statement, the supply of LPG / cooking gas continues to be in the exempted category for payment through old Rs. 500 bank notes.

Similarly, it has been decided that with effect from midnight of 2nd December, 2016, the exemption allowed for purchase of air tickets at airports through old Rs. 500 notes will be removed from the exempted category.

The other exempted categories that have earlier been notified will continue to accept old Rs. 500 notes as per the said notifications, according to the government statement.

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Rakesh Raman