Old Rs 500 notes at Petrol pumps, airlines till Dec 2

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Delhi, 1 Dec: Yet in an another major blow to the laymen, the old notes of Rs 500 will be accepted at petrol pumps and for airline tickets till December 2 only as against December 15 announced earlier.

Earlier Dharmendra Pradhan had announced that petrol pumps and LPG stations will continue to accept old Rs. 500 notes till Dec 15 contrary to the statement demonetised notes will only be used till Dec 2.

The statement was made in the Rajya Sabha in the view of massive rush outside banks to deposit old high-value notes and withdraw new cash.

As the government is observing that the scrapping of all exemptions to use Rs 500 and Rs 1,000 notes, will result in more circulation of new notes.

According to the Sources, there has been a steady improvement in the supply of currency notes and that the Reserve Bank of India (RBI) has planned for the payday rush and banks have made arrangements.

As per the sources, RBI’s focus has now shifted to printing the new Rs 500 currency notes to disperse them to the people.

Sources add that of the total Rs 100 currency notes in circulation, RBI had kept 50% of these in reserves to tide over the payday demand. The entire process of printing a high-value currency note, including its security features, takes 21 days before it leaves the mints for circulation.

Meanwhile, there are no reports of extending the December 30 deadline for deposit of invalid Rs 500 and Rs 1,000 notes with banks.

Earlier Minister of State for Petroleum and Natural Gas Dharmendra Pradhan had announced that petrol pumps and LPG stations will continue to accept old Rs. 500 notes till December 15.

 Wefornews Bureau

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