The Reserve Bank of India laid down a detailed procedure for the exchange of the demonetized banknotes with new ₹500 & ₹2000 bank notes of newly issued series and ₹100 bank notes of previously circulated series.
Highlights as follows:
However, exceptions were given to petrol, CNG and gas stations, government hospitals, railway and airline booking counters, state-government recognized dairies and ration stores, and crematoriums to accept the old ₹500 and ₹1000 banknotes until 11 November 2016, which was later extended to 14 November 2016 and once again to 24 November 2016. International airports were also instructed to facilitate an exchange of notes amounting to a total value of ₹5000 for foreign tourists and out-bound passengers. From 25.11.2016 all such exemption been withdrawn in respect of old Note of Rs. 1000 denomination and been extended with few amendments for demonetised old note of Rs. 500 till 15.12.2016. More details on amendments in respect of old currency notes can be checked at following link :- Transactions for which payment in old Rs. 500 notes valid till 15.12.2016
Under the revised guidelines issued on 17 November 2016, families will be able to withdraw ₹250,000 for weddings from one account provided it was KYC compliant. The rules were also been changed for farmers who are permitted to withdraw ₹25,000 per week from their accounts.
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