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Home » Economy » Choas expected as demonetised notes no more legal tender from tonight; Govt may give extension

Choas expected as demonetised notes no more legal tender from tonight; Govt may give extension

By Newsd
Updated on :
Source: India Today

With the deadline for using old ₹500 and ₹1000 notes for utilities and railway reservation ending tonight, an increase in the chaos, which has been seen at various places for the last 15 days, is expected.

However, if sources to believed, the government may give extension to the usage of old notes as the meeting review meeting scheduled for Thursday evening.

Railway reservation to medicines, air fare to bills for utilities such as water and electricity; even purchase of petrol-diesel, milk, metro tickets and many other facilities will be discontinued at midnight.

In all probability, people will try to spend their cash which is being lying in their possession in the older denominations of  ₹500 and  ₹1000 for various government services.

In Delhi, it is the last day when people can pay their outstanding property tax in MCD offices. As of now, all the corporations have received tremendous response as people are paying their property tax in old currency notes. On Wednesday only, the North MCD got more than seven crores as property tax. On the final day, it is expected that this figure may cross ₹10 crores.

As the deadline for these currency notes ends tonight, it will be the last chance of getting those currency notes to be spent. So, a last moment rush is expected at various outlets. To provide respite to the people, the Centre has already announced a lot of relief measures.

The demonetised ₹500 and ₹1,000 notes can be used for deposits in post office savings accounts, the Finance Ministry said on Wednesday.

“The deposits into Post Office Savings Account are excluded from the bar imposed therein (on deposits of demonetised ₹500 and ₹1,000 notes in small saving schemes),” a statement from the ministry said.

The Reserve Bank of India (RBI) had earlier in the day asked banks not to accept demonetised  ₹500 and  ₹1,000 notes for deposit in the small savings schemes, with immediate effect. No reason was assigned for the move.