Old bank notes now accepted up to 24-11-2016 mid night for specified transactions. Fresh Steps taken my the Modi Government in review meeting
Ministry of Finance
Press Release
Dated : 14th November, 2016
The Prime Minister Shri Narendra Modi reviewed the position regarding the supply and availability of currency notes yesterday late evening and took certain decisions to further activate the dispensing of cash through the networks of Banking Correspondents (BCs), Post Offices, ATMs, Banks and E-payment systems
The Prime Minister Shri Narendra Modi reviewed the supply and availability of currency notes yesterday late evening (13.11.2016). The meeting went on till past midnight. It was attended among others by the Union Minister of Home,Shri Rajnath Singh, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, Urban Development and I&B Minister, Shri M.Venkaiah Naidu, MoS (Independent Charge) for Coal & Power, Shri Piyush Goyal and MoS (Finance), Shri Santosh Kumar Gangwar. It was also attended by the Governor and Deputy Governor of Reserve Bank of India, all Secretaries of the Ministry of Finance and senior officials from the PMO.
The Meeting took stock of the current status of supply of cash and took certain decisions to further activate the dispensing of cash through the networks of Banking Correspondents, Post Offices, ATMs, Banks and E-payment systems. Following decisions were also taken keeping in view the convenience of the public.
Banking Correspondents (BCs) Network :
BCs have wide presence in the rural areas. Totally there are 1.2 lakh BCs in the country. The above decisions will facilitate wider reach in the rural areas for exchange and withdrawal of cash from Bank Accounts.
Postal Network :
It may be noted that with 1.2 lakh BCs and 1.3 lakh branch Post Offices getting further activated, a total number of 2.5 lakh points in rural areas will be available to disburse cash and facilitate cash withdrawals from Bank Accounts.
ATM Network :
Network and Reach of the Banks :
The above measures would substantially enhance the reach of the banking system to exchange notes and facilitate cash withdrawal from bank accounts.
E-Payments :
Arrangements for public convenience :
There is enough cash in the system to meet the requirement. Members of the public are, therefore, advised not to have any sense of panic.
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DSM
(Release ID :153601)
Authors Note:
Till the 24th November 2016 midnight, specified banknotes can be used as under:—
(a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor’s prescription;
(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets;
(c) for purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof;
(d) for purchase at milk booths operating under authorisation of the Central or State Governments;
(e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil and Gas Marketing Companies;
(f) for payments at crematoria and burial grounds;
(g) at international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character;
(h) for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.
(i) for making payments in all pharmacies on production of doctor’s prescription and proof of identity;
(j) for payments on purchases LPG gas cylinders;
(k) for making payments to catering services on board, during travel by rail;
(l) for making payments for purchasing tickets for travel by suburban and metro rail services;
(m) for making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.
(n) for making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies;
(o) for making payments towards utility charges including water and electricity -which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed
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Dear Sir, the assessee may Deposit their - TAX LIABILITY - with old denominations Note, Please help me
Yes it is allowed till 24-11-2016