New Delhi: The government will stop over-the-counter exchange of old currency notes, which were made illegal earlier this month, after midnight on 24 November, the country’s finance ministry said on Twitter. Earlier this month the government withdrew Rs500 and Rs1000 notes in an attempt to uncover billions of dollars in undeclared wealth. Those with old notes will still be allowed to deposit them into their bank accounts until 31 December, but not permitted to do outright exchanges. More news on demonetisationForeign citizens will be permitted to exchange foreign currency up to Rs5,000 ($73) a week, the ministry said. The government had permitted various exemptions for certain transactions where payment could be made through old Rs500 and Rs1,000 banknotes.

Source: Mint November 24, 2016 14:44 UTC