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What will RBI do with scrapped currency notes?

According to reports, the central bank has chalked out unique ways for innovative use of banned notes

BS Web Team  |  New Delhi 

With about Rs 8.45 lakh crore worth of scrapped Rs 500 and Rs 1,000 banknotes deposited in bank accounts across India over 20 days from Prime Minister Narendra Modi’s demonetisation announcement on November 8, banks are plush with cash and depositing it with the Reserve Bank of India (RBI). And RBI has been supplying banks newly printed Rs 500 and Rs 2,000 notes, besides other valid currency notes, to meet the demand of people queueing up at banks and ATMs for cash. But, what will RBI now do with the humongous stock of scrapped currency notes? It has already chalked out a ...


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First Published: Wed, November 30 2016. 15:00 IST