Tackling the Rs 500/1000 ban – New developments?

Rs 500 and 1000 banned - What next?
Rs 500 and 1000 banned – What next?

As expected there was lot of chaos around with some people struck without any usable currency. Here are list of places where your old Rs 500/1000 currencies should be accepted till November 11 midnight. 

  • Government Hospitals and pharmacies in these hospitals
  • Railway ticketing counters
  • ticket counters of Government/Public Sector Undertaking buses
  • airline ticketing counters at airports
  • for purchases at consumer co-operative societies
  • at milk booths
  • at crematoria/burial grounds
  • at petrol/diesel/gas stations of Public Sector Oil Marketing Companies
  • and for arriving and departing passengers at international airports up to Rs 5,000 and
  • for foreign tourists to exchange foreign currency at airports up to Rs 5,000

Unfortunately these establishments are not accepting these notes easily. There were several complaints about the same in news and social media.

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In addition to the above following have been added to the list today:

  • Metro tickets/recharge
  • All tolls on national highways are free till November 11. Also Maharastra government has made tolls free within the state.
  • ASI monuments for entry tickets
  • LPG cylinder suppliers are allowed to accept the old notes

The problem at most places is they would not be able to give you change as they might have run out of it. So if you go to petrol pump fill up in multiples of 500. Social media has been abuzz with a lot of places which should accept old notes are not doing so or overcharging customers.

Creative Schemes for Old 500/1000 notes:

As I expected, there are some schemes already in the market where you can use your old notes. Here are some samples:

Also Read: 13 Investments to Generate Regular Income

Invest in Real Estate

Invest in Real Estate with old 500 or 1000 currency notes
Invest in Real Estate with old 500 or 1000 currency notes

Take a trip to Parlor

More Developments:

  1. Some ATMs might be functional from tomorrow (November 10), while majority would be functional from November 11.
  2. ATMs would dispense Rs 50 notes too
  3. RBI has asked banks to waive off charges for more than 5 ATM transactions from November 10 to December 30.
  4. All banks would be working on coming Saturday & Sunday (November 12 & 13). Some banks/branches would work for extended hours to cater to its customers.
  5. New Rs 500 and Rs 2000 notes would be available from November 10 in bank branches.

3 thoughts on “Tackling the Rs 500/1000 ban – New developments?”

  1. Hi,
    I have a property to sell out. So, if someone wants to buy the same in cash, should I accept old Rs.500 & Rs.1000 notes?

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