Places Which Will Still Accept Your Old ₹500 And ₹1,000 Notes Till 24th Nov

The chaos at Banks and Postal establishements around the country following the demonetisation policy adopted by Narendra Modi's government has motivated the latter to extend its deadline from 14th November to 24 November for use of the now-extinct currencies at certain places. 

Several unsubstantiated messages on Social Media are doing the rounds that is causing confusion and further adding to the chaos. Do not believe such news unless you get it through offical channels and at the same time kindly refrain from forwarding them as well.

The government and the Reserve Bank of India want people to use the cashless means of making payments and thus avoid repeated trips to bank branches.

As an added measure, RBI announced that the old discontinued ₹500 and ₹1000 bank notes can be used at the following 15 places till 24th November:

1. You can make payments in government hospitals for medical treatment and to pharmacies in government hospitals for buying medicines with doctor's prescription.

2. In case of independent pharmacies too, you can pay in old denominations on production of doctor's prescription and proof of identity.

3. If you are purchasing from consumer cooperative stores operated under authorisation of central or state governments, you can use the old notes. This will require ID proof.

4. At all milk booths operating under authorisation of the central or state governments for buying milk.

5. Make payments towards utility charges including water and electricity. But keep in mind that no advance payments will be allowed.

6. You can pay for petrol and diesel at the pumps operating under the authorisation of public sector oil marketing companies.

 7. You can buy tickets at ticket counters of government or public sector buses and at airline ticketing counters at airports.

 8. For paying for  LPG gas cylinders.

9. Any payment due towards any fees, charges, taxes or penalties, payable to the central or state governments including municipal and local bodies.

10. For payments at crematoria and burial grounds.

11. To pay for the catering services on board, during travel by rail.

12. For making payments for purchasing tickets for travel by suburban and metro rail services.

13. At international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender.

14. For foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed Rs 5,000 to exchange.

15. For making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.

Read RBI's full list of FAQs on currency exchange here. 

(Courtesy: Huffington Post)

Idiot's guide to survive cashless - Give up 500/1000 notes

So the man has done it! Congratulations to Mr. Modi for a historic step towards corruption-free and safe governance. You have to hand it to him.. He has taken this step in the interest of the nation without worrying about how it'll affect his popularity and completely shunned votebank politics. This, at least, deserves a salute!

The night we received the news that 500 and 1000 rupee notes have been banned, it was like everyone's thinking processes overshot. Some headed to the banks.. of various rivers the others went out shopping for tickets to nowhereland and gold while still others were left befuddled. It made us realise that the circulation of 500 and 1000 rupee notes had become so common that the overnight demonetisation step felt like a bolt of lightening! But these past few days have taught me that it is indeed quite possible to live without the darling denominations! Here is my take:

1. Do not shun digital banking: If you have been avoiding the usage of banking apps and websites, now is the time to get started! At first it does present itself as a task but it eases your life a great deal. Life becomes so much easier when you take finances in your control.. completely! Remember to keep your username and password safe like for any other digital account.

  2. Use digital wallets: PayTM, Mobikwik and Freecharge are some of the popular mobile wallets. Their usage has been increasing day-by-day as they bring in more and more service providers under their umbrella. You cannot escape them. They fill in the gap where organised markets are missing. You will soon be able to pay your several 'walas' - rickshawala, bhajiwala, taxiwala, doodhwala - through digital wallets. With an array of discounts, coupons and cashback offers, they make perfect sense now. 

3. Use your plastic cards: If you have horror of the plastic, take part in your own version of Fear Factor and take the plunge. The convenience that it offers is worth getting over your fear. BUT, you have to use it prudently. Apply for a card with low credit limit. Be careful with your passwords, link it with your bank accounts, do not store any sensitive data on the phone - these are some precautionary measures to be taken.

4. Hoard some Chhutta: I know it is difficult but keep small change handy. It is very useful. Hoard it a bit and it'll be of use to you at the most unexpected moments.

5. Use common sense: With cash in hand, we feel rich and want to spend up everything specially if we are on a hot date! Now impress your girlfriend/ boyfriend by showing how digi-savvy you are. Cut down on unnecessary spending and use your money wisely!