No over-the-counter exchange of old Rs 500, 1000 notes after Nov 24 midnight


Central Government decided on Thursday that there will be no over the counter exchange of old Rs. 500 and Rs 1000 notes after midnight of November 24. Certain other exemptions relating to cancellation of legal tender character of old Rs. 500 and Rs.1000 notes extended up to December 15.

After days of confrontation between government and opposition, Prime Minister Narendra Modi on Thursday reached out to the rival parties as he walked across in the Rajya Sabha and exchanged pleasantries with his predecessor Manmohan Singh and other leaders of Congress as well as JD(U), NCP and DMK.

Modi, with Finance Minister Arun Jaitley and Minister of State of Parliamentary Affairs Mukhtar Abbas Naqvi in tow, made the gesture when the Upper House went into lunch break amid a debate on demonetisation.

The Prime Minister shook hands and was seen chatting with Singh, as also Leader of the Opposition Ghulam Nabi Azad and Anand Sharma.

Modi also chatted with JD(U) leader Sharad Yadav, Praful Patel of NCP and DMK’s Kanimozhi and some other leaders.

However, Rajya Sabha was adjourned till Friday after opposition created uproar and stormed the well over Prime Minister’s absence in the house post lunch, demanding his presence throughout debate on demonetization.

Earlier, Singh attacked the Government over demonetisation, saying it was a “monumental management failure” and a case of “organised loot and legalised plunder.” Singh said the decision will result in decline of GDP by 2 per cent.

The opposition had been stalling the House over the last five days, targeting the Prime Minister and demanding his presence in the House for resumption of debate on demonetisation, which had begun on November 16.

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