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Demonetization- Effect of demonetization

QUERY: Can a person accept notes of Rs. 500/- or Rs. 1,000/- after November 8, 2016?
ANSWER: Click here to read the full answer of the expert

After midnight of November 8, 2016, notes of Rs. 500/- or Rs. 1000/- cease to be a legal tender, and therefore no person would accept the said notes except some places, wherein they have been considered as legal tender till the Government notifies i.e. at petrol pumps, hospitals, medical stores etc. So no person can raise a bill for supply of goods or services on or after November 8, 2016 for accepting notes of Rs. 500/ or Rs. 1,000/-.

Posted in Allied Laws