The Reserve Bank of India (RBI) issued orders cancelling the exchange of old Rs. 500 and Rs. 1,000 notes from November 25, 2016. However, it has given some relief to the parents and students by allowing them to pay school or college fee by using old Rs. 500 notes. The schools and colleges can accept payments from students up to Rs. 2,000 until December 15, 2016. Please note that this is applicable only for government run schools and colleges.
It is a great sigh of relief to the students who are waiting to pay exam, school and college fees. Earlier, the college management of Telangana indicated that the semester exams are going to commence in a week and most of the students have not yet paid the examination fee. On the other hand, most of the schools and colleges were not in a position to pay salaries to the staff. Hence, the announcement given by the government will allow the flow of money for schools and colleges.
Also read: - Students of IIM Raipur Hail Demonetization
Some of the universities and colleges have even issued hall tickets to students even though they did not pay the fee.
People can use old notes for the following purposes: -
- Payment of school fees up to Rs. 2,000 in central government, state government, municipality and local body schools
- Payment of college fee at central or state government colleges
- Prepaid top-up up to a limit of Rs. 500
- Payment of utility bills
- The old notes are also accepted in petrol pumps and LPG stations
So if you are a student, you can still use the old currency of Rs. 500 to make through. The concession is available until December 15, 2016 only.