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The desired effect of the demonetisation is to fight black money, corruption and counterfeiting but like any medicine, it also comes with side-effects
The desired effect of the demonetisation is to fight black money, corruption and counterfeiting but like any medicine, it also comes with side-effects

The Modi government has taken a big decision as from tomorrow people will not be able to exchange their old Rs 500 and Rs 1000 notes.

People can only deposit their old currency notes in their bank accounts till December 30, but swapping of old notes will not be entertained at any bank from tomorrow.

People who don’t have bank accounts, they will have to open a new bank account to deposit their old currency notes.


Modi government has also announced that Rs 500 notes will now be valid to pay for utility services as earlier till December 15.

But, there is a complete ban on usage of Rs 1000 notes from today mid-night. Old Rs 1000 notes can only be deposited in the bank accounts.

To know where you will be able to use old notes till December 15 click on link below:

Also Read: Use Your Old Notes: Know 15 Places Where You Can Use Them

The validity of demonetised currency notes of Rs 500 and Rs 1000 was scheduled to end today, but now Rs 500 notes are valid till December 15.

Foreign citizens will be permitted to exchange foreign currency upto Rs 5,000 per week. Entry to this effect will be made in their passports.

Old Rs 500 notes allowed for Govt school and college fees and also for mobile top-ups up to Rs 500.

Also Read: Demonetisation: Toll Tax Exemption On Highways Extended Till Dec 1