More services to accept Rs. 500, Rs. 1,000 notes

  |   India News

LPG distributors, railway caterers, chemists, and ticket counters at Archaeological Survey of India monuments will be allowed to receive payments in the old Rs. 500 and Rs. 1,000 notes, the government announced on Wednesday. It said those depositing over Rs. 10 lakh of unaccounted income in their accounts would face tax and a penalty of 200 per cent under the Income Tax Act.

The RBI has dispensed Rs. 2,000 denomination currency notes to banks in large boxes and asked them to ration the distribution of those from their branches.

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