The government on Thursday extended the last date for use of the denotified Rs 500 notes till December 15, and stopped the over-the-counter exchange of cash with immediate effect. However, the banned notes will continue to be exchanged for new currency at RBI countersAccording to the ministry of finance, Rs 1,000 notes would no longer be allowed to be used for the list of exemptions the government had announced. These notes can, however, be deposited in bank accounts. This facility will continue to be available only for individuals and households- Foreigners will be permitted to exchange foreign currency up to Rs 5,000 per week. But after that payments can made through old Rs 500 notes till December 15

Source: Hindustan Times November 25, 2016 03:49 UTC