exchange of old notes

7 situations where you can exchange old notes

by Shruti Agarwal on Basic Finance, Miscellaneous

In order to facilitate the flow of money in certain situations, RBI has declared the following situations as mentioned below, where the exchange of old notes shall be permissible.

Please note that this facility will be available till midnight of 24.11.2016, post this the exchange of the existing notes (old notes)shall be prohibited unless any further notification.

Read More: RBI Eases Bank Withdrawal Limit but restricted only to new notes deposited

1.  Hospitals:

  • Government hospitals,
  • Pharmacies on the production of doctor’s prescription and proof of identity

2.  Railway, Bus, plane tickets:

  • Railway ticketing counters,
  • Ticket counters of Government or Public Sector Undertakings buses,
  • Airline ticketing counters at airports for the purchase of tickets,
  • At international airports, for arriving and departing passengers, who possess existing bank notes, the value of which does not exceed five thousand rupees to exchange them for new notes;
  • Tickets for travel by suburban and metro rail services;

3.  Travel & Tourism:

  • Foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for new notes.
  • Catering services on board, during travel by rail,
  • Entry tickets for any monument maintained by the Archaeological Survey of India

4.  Food, Milk, Gas cylinders etc:

  • Consumer cooperative stores operated under authorisation of Central or State Governments,
  • Milk booths operating under authorisation of the Central or State Governments,
  • Purchases LPG gas cylinders

5.  Oil & diesel:

  • Petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil and Gas Marketing Companies,

6.  Taxes etc:

  • Fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies;

Know More:

7.  Utility charges, exchange of old notes permitted:

  • Water and electricity bills which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed.

Source: RBI


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