Old Rs 500 notes to be invalid from December 15 midnight
On November 8, when Prime Minister Narendra Modi announced demonetisation, he had allowed the use of old 500 and 1,000 rupee notes for some specified activities for 72 hours.
In a bid to control misuse of old currency, the Centre will not extend the deadline of December 15 to use old 500 rupee notes for certain activities such as paying utility and hospital bills and purchasing cooking gas cylinders.
"Exemptions for use of old Rs 500 notes will end on 15 Dec midnight," economic affairs secretary Shaktikanta Das tweeted.
Exemptions for use of old Rs.500 notes will end on 15 Dec midnight.Sections of media reporting wrongly as if it's tonight.
— Shaktikanta Das (@DasShaktikanta) December 14, 2016
A report of Times Of India quoted Das's confirmation saying, "There will be no extension." He added that people can deposit the old 500 and 1,000 rupee notes at bank branches.
From December 2 midnight, the Centre had withdrawn the facility to use old Rs 500 notes at petrol pumps.
The decision was taken after an assessment that the exemption was being grossly misused to launder black money and that scrapping it will not affect movement of goods. It had also stopped the use of old Rs 1,000 notes.
Government had allowed the public to use Rs 500 notes for various activities till December 15 midnight. Such activities included making payments in government hospitals for treatment and pharmacies there for buying medicines with doctor's prescription.
The old 500 rupee notes could also be used for purchase at milk booths operating under central or state governments, for mobile recharge, payments at crematoria and burial grounds. It had earlier withdrawn some of the relaxations such as booking railway or plane tickets using old Rs 500 notes.
On November 8, when Prime Minister Narendra Modi announced demonetisation, he had allowed the use of old 500 and 1,000 rupee notes for some specified activities for 72 hours. But later on, considering the chaos in country, the deadline was extended to December 15.