November 8, 2016 / 4:41 PM / in 3 years

RBI chief sees no disruption with phasing out of high value banknotes

The Reserve Bank of India (RBI) Governor Urjit Patel speaks during a news conference after the bi-monthly monetary policy review in Mumbai, India, October 4, 2016. REUTERS/Danish Siddiqui/File Photo

MUMBAI (Reuters) - Reserve Bank of India (RBI) said on Tuesday it would ensure there was no disruption caused by the phasing out of 500 and 1000 rupee notes after the government’s shock move to remove the high value notes from circulation, as part of a crackdown on fake notes and black money.

Production of new replacement notes have been ramped up over last few months to meet requirements, RBI Governor Urjit Patel said at a press conference late on Tuesday.

Reporting by Abhirup Roy; Editing by Euan Rocha

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