On November 8th Prime Minister Narendra Modi made a historical decision on demonetization. Despite its long-term benefits, there were various instant issues that common people of the country are facing.
To relieve citizens from such problems, central government relieved few organizations and PSUs from note ban. In some basic amenities spots like petrol bunks, railway stations, and other places, the old notes were accepted for transactions.
Following too many social issues, the government went on extending its deadline multiple times.
The government even appealed to the black money holders to submit their cash and pay the fine amount of tax that will be imposed on it.
Usage of old Rs 500 notes at petrol pumps was banned on December 2nd.
At the same time, mobile recharge facility with old Rs 500 notes will not be available from 15th Dec midnight.
Shaktikanta further added, “There will be no extension,” and said, “people can deposit the old 500 and 1,000 rupee notes at bank branches.”
While canceling legal tender of 500 and 1,000 notes on November 8, the government had allowed them to be used for utility bill payments for the first 72 hours.
To maintain legitimate and black money-free economy, the government is encouraging the retailers and customers to proceed with electronic payments.