BUSINESS

Won't Face Disruption In Phasing Out High Value Bank Notes, Says RBI Chief

The move to scrap ₹500 and ₹1,000 notes is aimed at curbing black money and corruption.

08/11/2016 10:19 PM IST | Updated 08/11/2016 10:42 PM IST
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HuffPost Staff

Reserve Bank of India (RBI) said on Tuesday it would ensure there was no disruption caused by the phasing out of ₹500 and ₹1,000 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.

ALSO READ: Are You In An ATM Queue Hoping To Withdraw 100 Notes? These Twitter Jokes May Help Cope With Panic

(More details awaited)

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