While cancelling the
legal tender character of the existing series of high denomination bank notes
of Rs.500 and Rs.1,000 denominations w.e.f. the expiry of the 8th
November, 2016, exemptions were allowed for certain transactions for the first
72 hours with a view to minimizing inconvenience to the public. Subsequently,
based on feedback received from various quarters, certain more transactions
were included for exemption.
The Government has been closely monitoring
the implementation of the decision. Considering various representations
received from different quarters in the matter, it has now been decided that
the existing exemptions may be extended until the expiry of 14th
November, 2016, with the following modifications / additions to the existing
exemptions:
(i)
Payment for court fees will be included in the
exemptions.
(ii)
The ID proof of customers will be required for
transactions in consumer cooperative stores.
(iii)
Payments towards utility bills will be
restricted to only individuals / households for arrears and / or current
bills. No advance payments will be allowed.
(iv)
Payments in toll-plazas of the State and
National Highways will be deleted from exemptions, considering that the
Ministry of Road Transport and Highways is separately issuing instructions in
this regard.
There is enough cash with RBI. Supply of
cash to Bank branches and ATMs are being stepped up gradually.
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DSM
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