500 ,1000 notes will be expiring tomorrow

New Delhi December 29 : As the 50-day deadline for completion of demonetization process dead lock near, people have just a day to deposit old Rs 500, Rs 1,000 notes, pinning their hope on an extension of the date.

While many expect the Govt to extend the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes, the government has time and again reiterated that it has no plans to do the same.

The government had on November 8 demonetized 500 and 1,000 rupee notes and asked the holders of such notes to either deposit them or exchange in banks between November 9 and December 30. Through this, it has taken out 86 percent of the currency out of the market.

Lately, the run for the cash seems to have eased slightly in the country as shorter queues could now be seen outside ATMs and banks.

Meanwhile, one day before the deadline for depositing old 500 and 1,000 rupee notes expires, the Cabinet yesterday approved promulgation of an Ordinance to make possession of a large number of scrapped banknotes a penal offence that will attract monetary fine.