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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.
Reuters
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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This article exists as part of the online archive for HuffPost India, which closed in 2020. Some features are no longer enabled. If you have questions or concerns about this article, please contact indiasupport@huffpost.com.