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Government ends exchange of old notes

The Union Government on 24 November 2016 decided that from 25 November 2016, the old currency notes of Rs 500 and Rs 1000 notes will no longer be exchanged at the bank counters. 
●    This will encourage people who are still unbanked, to open new bank accounts.  
●    However, there are some exemptions for certain transactions that will be valid till 15 December 2016.
●    Payments for the transactions under all the exempted categories will now be accepted only through old Rs 500 notes.
●    Payment of school fees up to Rs 2000 per student in Central Government, State Government, Municipality and local body schools.
●    Payment of fees in Central or State Government colleges.
●    Pre-paid mobile top-up to a limit of Rs 500 per top-up.
●    Purchases from Consumer Cooperative Stores of up to Rs 5000 at a time. 
●    Payment of current and arrear dues to utilities will be limited to only water and electricity. 

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