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Update on Demonetization: Old Rs. 500 notes will no more be accepted at petrol pumps!

Updated on: 09 Aug, 2023 11:32 AM

After the cancellation of legal tender character of old Rs. 500 and Rs. 1000 denomination bank notes, the Government had exempted certain categories of transactions wherein the old high denomination bank notes were accepted. The Government had extended the exemption period for these categories from time to time.

Now, with effect from midnight of 2nd December, 2016:

  • Old notes will not be accepted at petrol, diesel and gas outlets of Public Sector Oil and Gas Marketing Companies;
  • Purchase of air tickets at airports through old Rs. 500 notes discontinued;
  • The exemption from toll tax has been withdrawn. Further, old Rs. 500 notes will only be accepted where the toll exceeds Rs. 200.

Further, it is also to be noted that the other exempted categories that have earlier been notified will continue to accept old Rs. 500 notes till 15th December, 2016.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.