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…
Meghalaya Governor V Shanmuganathan has lauded the decision of the Narendra Modi government to do away with the circulation of Rs.500 and Rs.1,000 currency notes from the country.
“The decision to scrap Rs.500 and Rs.1,000 currency notes is a dynamic decision taken by the government of India. It can curb financing of terrorism through the proceeds of fake Indian currency notes. This can help to eliminate black money and corruption,” he said.
The governor said the move can effectively stop funds from subversive activities such as smuggling of arms, drugs, espionage and other anti-national activities.
“I feel, India is moving fast, with safety and security of every Indian, to achieve greater heights of development,” Shanmuganathan said.
The central government had on Tuesday night announced withdrawal of Rs.500 and Rs.1,000 notes from circulation in a bid to flush out black money and to check corruption.
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