Over The Counter, Old Notes Exchange Ends!

The ruthless attack by opposition parties in Parliament today against demonetization, Prime Minister Narendra Modi met his cabinet few hours back to announce new developments. 

Official reports from New Delhi say, Finance Ministry decided to stop over-the-counter exchange of old currency notes from tomorrow. The outlawed notes can no longer be exchanged for new ones at bank counters. So far, people got an opportunity for one-time swap of old notes to new up to Rs. 2,000 rupees. This move is meant to encourage people without accounts to open new ones and deposit the abolished notes till year end.

While the current limit on withdrawal is the same Rs. 24,000 per week, ATMs can be used to draw Rs. 2,500 a day. Petrol pumps and state run hospitals will continue to take old notes will December 15th. Foreign citizens will be permitted to exchange foreign currency up to Rs. 5,000 while digital transactions through e-wallets like Paytm is doubled up to Rs. 20,000 per month.