Window shut on currency swap; old 500 notes can be used till December 15

The Finance Ministry on Thursday; NOVEMBER 24 closed the window for over-the-counter exchange of demonetized currency notes of 1,000 and 500 denomination, citing a decline in demand. Noting that there had been a decline in the exchange of old notes, a Ministry statement said, “It has been felt that people may be encouraged to deposit their old 500 and 1,000 notes in their bank accounts.”


This will also encourage people in the rural areas to open bank accounts and deposit the notes. But it simultaneously extended the exemptions for the use of the old series 500 notes till December 15.Here is where you can use old Rs 500 notes until December 15:

  • Payments can be done with old Rs 500 notes at toll plazas from December 3 to December 15, before that the national transport and highways authority has exempted tolls across India.
  • Payments at petrol pumps will be accepted in old notes of Rs 500.
  • Payments of fees Rs 2,000 (in old Rs 500 notes) per students can be done at school, colleges governed and run by central, state and municipal bodies.
  • Prepaid mobile top-up can be done to a limit of Rs 500 with old currency.
  • Purchases up to Rs 5,000 (in an old currency of Rs 500) is allowed till December 15 at consumer cooperative stores operated under authorization of central or state governments with valid identity proof.
  • Milk can be purchased at government booths operated by the central and state government.
  • Water bills, electricity bills and other arrears can be paid by using old Rs 500 notes.
  • Central government hospitals, state hospitals and those run by civic and municipal bodies will accept Rs 500 notes for medical treatment.
  • Pharmacies across India will accept Rs 500 old notes with proper doctor’s prescription.
  • Old Rs 500 notes will be accepted at all railway ticketing counters, bus ticket counters of government and public sector undertakings and airline counters at airports for purchase of tickets.
  • Old Rs 500 notes will be accepted at crematorium and burial grounds.
  • Passengers arriving or leaving India can exchange up to Rs 5,000.
  • LPG gas cylinders can be purchased from old Rs 500 notes.
  • It will be accepted by on-board catering services in railways.
  • Metro tickets can be purchased from old Rs 500 notes.
  • Old currency of Rs 500 can be paid for fees, taxes, penalties across India.
  • Rs 500 notes can also be used toward court fees.
  • Old Rs 500 notes can be used for the purchase of seeds from designated state-run outlets.
  • No advance payment can be made with old Rs 500 notes.


Leave a Reply

Your email address will not be published. Required fields are marked *