Old 500 and 1000 rupee notes can now be deposited in post office savings accounts
Relief after demonetisation: the Finance Ministry has announced that old 500 and 1000 rupee notes can be deposited in savings accounts with the Department of Posts.
On Wednesday the Finance Ministry announced relief for people holding old 500 and 1000 rupee notes after demonetisation. The government said the old 500 and 1000 rupee notes could be deposited in savings accounts with the Department of Posts.
Notably, Prime Minister Modi announced on the evening of 8 November that 500 and 1000 rupee notes would cease to be legal tender with immediate effect. New 2000 rupee notes were then introduced, along with new 500 rupee notes. People were asked to deposit or exchange their old notes, and long queues have formed at banks and post offices ever since. The government has also removed switching charges on e-wallets, and the service charge on online train ticket bookings has been waived until 31 December. Das also said that NABARD has released 21,000 crore rupees to district central cooperative banks to get funds to farmers, and that money will reach farmers through NABARD.
In addition, old notes were allowed to be used at petrol pumps, government hospitals and several other places until 24 November, but people remained worried about their old notes. Now the Finance Ministry has announced this relief, under which people will be able to deposit old notes in their savings accounts at post offices.
