Finance Ministry allows post offices, banks to deposit old bank notes with RBI
DSIJ Intelligence / 21 Jun 2017
Finance Ministry has allowed banks and post offices to exchange old, big bank notes, which are no longer in circulation, with the Reserve Bank of India (RBI) in a month, provided these notes were collected by December 30, 2016.
Finance Ministry has allowed banks and post offices to exchange old, big bank notes, which are no longer in circulation, with the Reserve Bank of India (RBI) in a month, provided these notes were collected by December 30, 2016.
The notes collected by India’ cooperative banks till November 14 have also been allowed to exchange with the RBI.
Prime Minister Narendra Modi announced a shock move on November 8 last year to outlaw old 500 and 1,000 rupee notes - worth a combined USD 256 billion (Rs 16540 billion). The agenda for demonetisation was to curb black money in the system.
Demonetisation had a material impact on spending as reflected in significant slowing down of GDP growth in January-March, according to Fitch Ratings.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.