Flip-flop by Government over Demonetization

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In the past three weeks, the government has announced a number of relaxations for people stuck with the old currency notes only to then roll them back within days, citing their misuse.

Exchange of old Rs. 500 & Rs. 1000 notes:

8 Nov: Exchange up to Rs. 4000 permitted till 24th November.

13 Nov: Limit increased to Rs 4500.

17 Nov: Limit decreased to Rs 2000.

24 Nov: Exchange stopped.

Cash withdrawal from Banks:

8 Nov: Daily limit of Rs. 10,000 and weekly Rs. 20,000

13 Nov: Daily limit removed and weekly raised to Rs. 24000

Exemptions:

8 Nov: Demonetized currency to be accepted at government hospitals and pharmacies, railway ticket counters, airline ticketing counters at airports, purchases at consumer co-operative societies, milk booths, state-run petrol/ diesel gas stations till 11th November.

10 Nov: Extended to payment of water and electricity bills.

11 Nov: Extended till 14th November; payment of court fees included.

14 Nov: Extended till 24th November.

24 Nov: Exemptions extended till 15th December but only for Rs. 500 notes.

1 Dec: Old Rs. 500 notes to be used at petrol pumps and for buying airline tickets at airport counters till 2nd December.

 

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