Centre advances banned Rs 500 note-exemption by a day
"Government has been reviewing the different operational aspects of the matters related to the cancellation of the legal tender character of old high denomination notes of Rs.500/- and Rs.1,000/-," read a government statement.
It said: "There has been a declining trend in the receipt of these old currency notes of Rs.500/- and Rs.1000/-. Further, a number of steps have been taken for promoting digital transactions."
"Keeping the above in view, the exemptions that have been given for use of Rs.500/- old notes, were re-examined by the Government and the following exemptions are, therefore, being withdrawn from the mid night of December 9, 2016," read a government statement.
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