Exchange of Old Rs 500 and Rs 1000 Notes May be Stopped

Government is daily coming up with new schemes and twists after the demonetisation of notes. Now one interesting news is on the way regarding to exchange of old notes. Yes, Government is thinking to stop exchange of old Rs 500 and Rs 1000 notes to new. As we know, yesterday Government has declared that the exchange limit on a one time swap of the old bills for new notes was reduced to Rs 2,000 from Rs 4,500. However now the government is afraid about the misuse of this offer and feels it is “blocking the banking system”.

Few reports have received by the Government that same people interchange in old 500 and 1000 Rs notes miserly others of their right. After announcing the ban of Rs 500 and Rs 1000 notes, the Government said that the bills must be put in banks by the end of the year. We already know that exchange limit was raised to 4,500 earlier this week and then again get down to Rs 2,000 for now.

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Now Finance Ministry officials recognized that there was clear indication of people using substitutions to collect the new notes. It also got several reports on hitchesin exchange of old notes. People who had already collected their quota are again lining up at banks. Latest update is that Government may now only allow deposit of old notes at banks and they can be withdrawn only through ATMs or by Cheque.

To stop this, banks were told to use indelible ink to mark those who had made the exchange like a mark used in elections voting. Meanwhile banks have reported a shortage or no access to inks and some have been using permanent markers.