FinMin extends deadline to exchange demonetised notes by Nov 14th

Photo of banned Indian currency notes of Rs 500 and Rs 1,000.

New Delhi: The government of India today extended the deadline to use demonetised currency notes for making payments towards utility bills till November 14th.

Finance Ministry said in a statement, “Government extends existing exemptions with regard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs 500 and Rs 1,000 denominations until the expiry of November 14, 2016, with certain modifications to the existing exemptions.”

The banned notes can be used for payments towards utility bills by individuals for arrears and current bills, it said; however no advance payments will be allowed using the old currency.

It added payment of court fees and at consumer cooperative stores with the ID proof of customers can also be made using the demonetised notes till November 14th.

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The statement said, “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 till November 14.”

The government however said the Reserve Bank of India had issued guidelines to all banks that there is enough cash in the banks and supply to each and every branches along with ATMs was being stepped up gradually.

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