Use Or Exchange Old Rs.500 Notes Here; Latest Announcements & Everything You Need To Know

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Here you can find all the details regarding the exchange and acceptance of old Rs.500 currency notes. A lot of announcements have been made recently by both private and government sectors. As per the latest announcements, you can no more exchange your money, but, allowed to deposit them in banks or post offices. Government has banned the use of Rs.1000 notes, but, you are allowed to use old Rs.500 notes. You can only deposit Rs.1000 banknotes in banks.

You can use your old Rs.500 notes here till December 15:

1. At petrol pumps and toll plazas.
2. You can pay your child school fees up to Rs.2000 in state government, central government, municipality, and other government related schools.
3. You can also pay college fees in government colleges.
4. You can top-up your prepaid mobile connection (Rs.500 limit).
5. You can purchase milk from government milk booths.
6. You can pay your water and electricity bills.
7. You can use them at consumer cooperative government stores with identity proof (Up to Rs.5000).
8. You can pay your medical bills at government hospitals.
9. You can buy medicines from all the pharmacies across the country.
10. You can use them at airports, bus station, or railway/metro station for purchasing tickets.
11. You can make payments at crematoria and burial grounds.
12. You can also purchase LPG gas cylinders.
13. Farmers can buy seeds and other farming related stuff from government outlets.

You can use old Rs.500 notes at almost all the governments sectors, but, can’t use Rs.1000 notes as it can only be deposited. If you want to exchange your notes then you can visit any RBI counter till the end of this year. You can exchange your scrapped currency notes up to the current limits i.e. Rs. 2,000 per person.

“The Reserve Bank of India advises members of public that exchange of bank notes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank up to the current limits per person as hitherto,” said RBI.

You will be able to withdraw up to Rs. 24,000 from banks and post offices at once or in a week. You can deposit any amount in your bank accounts. On the other hand, almost half the ATMs across the country have been recalibrated to handle the new currency. As per the ATM cash withdrwal limit, you can only withdraw Rs.2,500 per day per card. RBI, recently, has also increased the limit on digital transaction through digital wallets like Paytm from Rs. 10,000 to Rs. 20,000. So, you can now pay large bills or make big payments by using these e-wallet services.

Also Read: Now Withdraw Cash From Inox Multiplexes Across The Country

Recently, Big Bazaar had announced that it will allow customers to withdraw cash up to some limit by visiting its outlets. Vodafone M-Pesa users can also withdraw their digital money by visiting the Vodafone outlets with a valid identity proof.

Also Read: Vodafone M-Pesa Customers Can Withdraw Cash From Company Outlets