RBI to announce facility for NRIs to exchange old notes
The Reserve Bank of India (RBI) on Saturday said that it will introduce a facility for exchange of old specified…
The Union government on Tuesday announced that it will begin using indelible ink at banks to make sure the same people don’t exchange their currency notes multiple times.
Economic Affairs Secretary Shaktikanta Das, while addressing media, here said this was being done to prevent same set of people from exchanging money from banks.
The announcement was made as reports stated that people were using intermediaries and factotums to exchange their black money at banks. Das also said that the government would also keep a close watch on Jan Dhan accounts for any unusual surge in the amount being held in them.
Prime Minister Narendra Modi reviewed the supply of currency for the second time in two days last night. Finance Minister Arun Jaitley also is said to be reviewing the situation outside banks on Tuesday, sources said.
A Special Task Force has been set up to monitor the infusion of fake currency in the market, Das said. He also urged temples and other places of worship, which receive smaller denomination notes, to deposit them in banks so supply of these notes increases.
Urging people to not fall for the rumours on social media, he said there was enough stock of salt and there was no reason for its shortage, adding that supply of essential commodities was being closely monitored.
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