Specified Bank Notes


(Querist)
09 December 2019
Whether a mobile dealer can accept Rs. 500 and Rs. 1000 notes after 8th November, 2016 in exchange of phones held as stock?


JATIN DUGGAL (Expert)
13 December 2019
No, as the Notification No. 3408(E) dated 08.11.2016 as amended from time to time issued by the Central Government which specifically mentions some transaction where old currency of Rs. 500/- & 1000/- was permitted to be used does not provides for any exemption similar to your case.


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