Tomorrow is your last day to use scrapped Rs 500 notes
MUMBAI: Thursday, December 15, is the last day for citizens to utilize old Rs 500 notes at permitted utilities, including toll booths, power firms, LPG outlets and for paying government taxes. The phaseout of the old currency will thus be complete. Henceforth, the old series can only be deposited in one’s bank account till December 30 or exchanged at the RBI until March 31.
A bank manager from Andheri pointed out that the utility of this old Rs 500 series had, in fact, ceased well before Thursday’s official deadline. “After the government put a premature halt on old Rs 1,000 notes as legal tender November 24, people began to experience anxiety over the old Rs 500 note as well. The shifting norms have prompted people to deposit all old notes in a hurry. They are unwilling to risk holding on to them, even to exchange them at toll booths or for transportation, lest they become worthless pieces of paper.”
In the runup to Thursday’s deadline, the coffers of power companies BEST and MSEDCL were boosted by Rs 250 crore as citizens rushed to expend old currency. Both will stop accepting them after Thursday. “We got a good response as scores of citizens lined up to pay their monthly electricity bills with them. Several people also cleared their dues in a hurry to be rid of old currency,” said an official from MSEDCL.Read more ↓
“Apart from citizens who came to us voluntarily, we at MSEDCL also reached out to that section of consumers which had vast arrears pending,” the spokesman said.