From Thursday December 15, the relaxation to use old Rs 500 currency notes at specified places will end.

As the extended use of Rs 500 notes at selected outlets like petrol pumps, toll plazas, LPG centers, paying public taxes comes to an end on the day, Government will have completed a total phase-out of old high denomination (OHD) currency notes in circulation.

After December 15, for people with old currency notes have only one option. Only banks will accept old Rs 500 notes in the form of deposits. The facility to exchange demonetized currency notes over the bank counters has been withdrawn earlier by the government.

Prime Minister Modi announced banning old Rs 1000 and Rs 500 notes to battle black money and fake currency notes. The ban was followed by the introduction of new Rs 500 currency notes and a new denomination of Rs 2000 was created by the Reserve Bank of India (RBI).

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