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 Reserve Bank of India on Monday imposed stiff conditions on deposit of old notes exceeding Rs.5,000 in a bank account till December 30.
“Defunct notes over Rs.5,000 can now be deposited only once per account till Dec 30 after showing reasons for not doing so earlier,” the RBI said.
RBI Governor Urjit Patel will brief the Parliamentary Committee on Finance on December 22 about the demonetisation process and its impact.
“Briefing by the Governor, RBI, on the subject 'Demonetisation of Indian currency notes of Rs.500 and Rs.1000 and the impact thereof,'” said a schedule posted on the Parliament website.
Since the banning of old Rs.500 and Rs.1,000 notes on November 8, the government has taken a host of measures like service tax sops and incentives for making digital payments to ease out problems arising out of less currency being available in the market.
The RBI and the government have been assuring the common people regularly that there is enough cash that has been pumped back into the system.
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