Finally, this news comes as a breather to those who have been rushing around this past week following the Rs. 500 and Rs. 1000 denomination currency ban. The Central Government has given an extension on the validity of older Rs 500 and Rs 1000 denomination currency notes. Earlier there was a deadline till Monday the 14th November. Now that has been extended to 24th of November but only for certain or select transactions. Those people with old currency notes can use the demonetized notes at locations like government hospitals, petrol stations, burial grounds and milk booths even the private medical stores. They can even buy cooking gas cylinders and use the notes at the government-run cooperative shops etc. until the 24th of November.
Rs 500 and Rs 1,000 notes valid Till November 24th
After the sudden and shocking decision by Central Government, the Prime Minister Narendra Modi chaired a meeting of government officials to announce some measures. Late on Sunday night, the PM announced measures to ease the burden that people are facing ever since the Rs 500 and Rs 1000 currency scrapping of old notes was announced around a week back.
A special task force comprising of bank officials and the RBI, as well as the finance ministry, has been set up to hasten up the process for there calibration of ATMs. So now the ATMs will be able to dispense new Rs 500 and Rs 2000 currency notes. It will still take a process of two to three weeks like the Finance Minister said earlier. Presently the government and banks are struggling with the public’s requirement that is forced to stand in long queues outside ATMs and in overcrowded banks. It will take 2 weeks longer before the current situation is expected to stay on until the 2 lakh ATMs are recalibrated.
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