Exchange of old notes to stop from midnight

New Delhi: The Central government today decided not to extend the date for over the counter exchange of old Rs 500 and Rs 1000 notes, after midnight of December 24, 2016. After reviewing various issues related to the cancellation of legal tender character of old Rs 500 and Rs 1000 notes, the Government observed that over the counter exchange of the old currency notes of Rs 500 and Rs 1000 denomination, has shown a declining trend.

The Government felt that people may be encouraged and facilitated to deposit their old Rs 500 and Rs 1000 notes in their bank accounts. This will encourage people, who are still unbanked, to open new bank accounts. (UNI)