India says to stop over the counter exchange of old currency notes

November 24, 2016 9:39 AM EST

People queue as they wait for their turn to exchange or deposit their old high denomination banknotes outside a bank in Mumbai, India, November 24, 2016. REUTERS/Danish Siddiqui

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NEW DELHI (Reuters) - India will stop over-the-counter exchange of old currency notes, which were made illegal earlier this month, after midnight on Nov 24, the country's finance ministry said on Twitter.

Earlier this month the government withdrew large denomination notes in an attempt to uncover billions of dollars in undeclared wealth.

Those with old notes will still be allowed to deposit them into their bank accounts until Dec. 31, but not permitted to do outright exchanges.

Foreign citizens will be permitted to exchange foreign currency up to 5,000 rupees ($73) a week, the ministry said.

The government had permitted various exemptions for certain transactions where payment could be made through old 500 rupees and 1,000 rupees notes. These exemptions, with some additions and modifications, will continue until Dec. 15.

(Reporting by Aditi Shah)

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