With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
It has also advised banks to waive charges imposed on various kind of e-transactions till December 31. Besides, the RBI has advised national payment corporation of India to waive its transaction charges on old transactions which are settled through financial switch.
Here are the key highlights of what Shaktikanta Das, DEA said today
1. The focus of the government is to activate all channels whereby cash is dispensed to the public.