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Sell of material

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 November 2016 I am a stockiest of cement and I want to sell 1000 bags of cement. Can I take old 500 & 1000 notes as cash payment for depositing in bank account . I don't have old cement stock . I want to sell the same from fresh stock.
please suggest
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
14 November 2016 No, as per the guidelines issued by the RBI, old notes are no more legal tender. Hence, you cannot take old notes as a business transaction.
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