Petrol pumps, airlines will accept banned Rs 500 notes only till Dec 2

Earlier Dharmendra Pradhan had announced that petrol pumps and LPG stations will continue to accept old Rs. 500 notes till Dec 15

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Banned Rs 500 notes will be accepted at petrol pumps and for airline tickets till December 2 as against December 15 announced earlier. 

Business Standard had reported earlier  that government is considering withdrawal of all exemptions on the use of demonetised Rs 500 and Rs 1,000 notes, so that new notes are pushed into circulation. 

Sources say there has been a steady improvement in the supply of currency notes and that the Reserve Bank of India (RBI) has planned for the payday rush and banks have made arrangements. 

According to sources, RBI’s focus has now shifted to printing the new Rs 500 currency notes to make them available in large numbers. Sources add that of the total Rs 100 currency notes in circulation, RBI had kept 50% of these in reserves to tide over the payday demand. The entire process of printing a high-value currency note, including its security features, takes 21 days before it leaves the mints for circulation. 

Earlier Minister of State for Petroleum and Natural Gas Dharmendra Pradhan had announced that petrol pumps and LPG stations will continue to accept old Rs. 500 notes till December 15.

Meanwhile centre is not considering extending the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes with banks.

The statement was made in the Rajya Sabha even as people queued up at banks to deposit old high value notes and withdraw new cash.