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Exchange of old Rs. 500-1000 notes to new notes might end soon

As per a report by PTI, a government official has said that the exchange facility of old Rs. 500 and Rs. 1,000 denominations to new notes “could be phased out.”

Rs. 500 old currency

As per a report by PTI, a government official has said that the exchange facility of old Rs. 500 and Rs. 1,000 denominations to new notes “could be phased out.”

According to sources cited by PTI, the exchange of old currencies after demonetization was allowed to ensure the liquidity remains in the market. A government official has said that the liquidity which the government targeted to maintain in the market has already been achieved.

The official said, “About 60 per cent of the liquidity that we wanted to maintain in the market post demonetization has already been achieved. As and when the remaining is achieved, the exchange facility could be phased out.”

After demonetization announced on November 8, the government had fixed a limit of Rs. 4,000 that can be exchanged against old currency notes of Rs. 500 and Rs. 1,000. A few days ago, the limit was hiked up for Rs. 4,500.

However, the government had yesterday, citing extra circulation of new currencies for withdraw purpose at ATMs and banks, shrinked the limit of currency exchange to Rs. 2,000.

[source: PTI]


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