RBI tries to quell concerns about withdrawing pre-2005 currency notes
MUMBAI (Reuters) - The Reserve Bank of India (RBI) will allow the public to exchange the currency notes issued before 2005 even beyond July 1 and reiterated that these notes will continue to be legal tender, in an attempt to quell panic among common people.
The RBI had issued a notice on Wednesday saying that it will withdraw the notes issued before 2005 after March 31, triggering speculation that the central bank is trying to weed out black money through this process before elections due by June.
The RBI added that people can exchange any number of old series notes from bank branches where they have accounts after July 1.
Also read -- Business of new and worn banknotes thriving in Delhi | Click here
(Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu)
- Tweet this
- Share this
- Digg this
- Alabama man claims penis was amputated by mistake
- Russian military likely reluctant participants in Ukraine-US general
- UPDATE 4-Liberian man in Lagos being tested for Ebola
- 'Weird Al' Yankovic still trying to wrap head around No. 1 album
- UPDATE 2-U.S. says Russia firing artillery over border at Ukraine military
India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically. Full Article