The Reserve Bank of India (RBI), India’s federal bank, has now been touted as the ‘Reverse Bank of India’ or even the ‘Rollback Bank of India’, following its most recent U-turn that has to do with the deposit of scrapped currency notes.
Three days ago, the RBI had issued its 59th circular since demonetization, restricting people from depositing over Rs 5,000 ($73.7) in old banknotes more than once till Dec. 30.
One of the clauses had also said that any deposit exceeding that amount would be put through questioning by two bank officials, who have to be given a “satisfactory explanation” for why the old notes were not deposited earlier. …
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India's federal bank just can't make up its mind on demonetization
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