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
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.
CAclubindia
