Muslim World$type=three$h=250$c=3$author=hide$comment=hide$rm=hide$date=hide$snippet=hide$show=home





Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World




Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

India puts fresh curbs on deposits of banned notes


NEW DELHI  - India's central bank on Monday imposed fresh restrictions on deposits of banned currency notes into bank accounts, days before the December 30 deadline to swap old rupee bills for new ones.

Prime Minister Narendra Modi unleashed chaos last month with his shock move to withdraw high-denomination 500 ($7.50) and 1,000 rupee notes from circulation, in an effort to tackle widespread corruption and tax evasion.

The decision triggered a cash crisis, with long queues materialising outside banks across the country as people tried to get rid of their old notes -- some 86 percent of all bills in circulation -- ahead of next week's deadline.

On Monday the Reserve Bank of India (RBI) said that people would now only be allowed to make a single deposit amounting to more than 5000 rupees ($75) before the deadline, and would be required to explain why they hadn't deposited the money earlier.

"Tenders of Specified Bank Notes (SBNs) in excess of rupees 5,000 into a bank account will be received for credit only once during the remaining period till December 30," the RBI said.

Opposition parties attacked the move, which comes as many Indians are already facing a shortage of cash with ATMS running dry as thousands throng to them.

"There are elderly, housewives, poor and students who were waiting for the long queues to become smaller," the opposition Congress party spokesman Randeep S. Surjewala told reporters in Delhi.

"This new rule shows that Modi government has no direction or clear policy", he added.

Modi has repeatedly defended the scheme, saying it will bring billions in so-called "black", or undeclared, money back into the formal system.

"I said this at the start, and will repeat again today, these difficulties that you have been facing will start easing after December 30," he said on Monday, addressing a political rally in the northern state of Uttar Pradesh.

The premier also hinted at more tax raids, arrests and bank scrutiny in the coming days.

In the past few weeks several people have been arrested in surprise raids, revealing the role of bank officials who have allegedly facilitated the illegal exchange of old currency notes.

"Some people thought that they could get away by simply depositing their unaccounted (black) money in the banks. They underestimated the government. They are trapped and will now be caught using technology," Modi warned.



Ads,5,Afghanistan,79,Africa,28,Americas,5,Animals,37,Argentina,1,Asia,277,Australia,11,Austria,5,Bahrain,3,Bangladesh,18,Barcelona,1,Belgium,3,Brunei,1,Business,1322,Canada,5,Catalan,80,China,129,Cuba,3,Czech Republic,3,DR Congo,1,Egypt,22,Ethiopia,1,Europe,261,Fitness,14,France,28,Germany,41,Haiti,1,Headlines,11,Health,171,Hillary Clinton,199,Hong Kong,2,Hungary,1,Iceland,1,India,111,Indonesia,11,International,75,Iran,84,Iraq,78,Ireland,2,Islamophobia,19,Israel,12,Italy,4,Japan,41,Jordan,1,Kenya,7,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,303,Lithuania,1,Malawi,1,Malaysia,16,Malta,1,Maxico,4,Middle East,138,Muslim World,626,Myanmar,35,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,10,Niger,1,Nigeria,2,Nobel Prize,81,North Korea,58,Norway,1,Opinion,26,Pakistan,1061,Palestine,38,Philippine,17,Pics,66,Poland,3,Popular,1,Qatar,93,Rohingya,118,Russia,49,Rwanda,1,Saudi Arabia,85,Science,144,Serbia,2,Showbiz,351,Somalia,4,South Africa,2,South Korea,8,Spain,62,Sports,1328,Sudan,1,Sweden,1,Switzerland,2,Syria,113,Taiwan,3,Technology,455,Thailand,12,Today IN History,24,Top News,1033,Tunisia,1,Turkey,81,U.S.,344,UAE,22,UK,59,Ukrain,2,Venezuela,4,Videos,76,Vietnam,2,World,4893,Yemen,21,Zimbabwe,2,
Muslim Global: India puts fresh curbs on deposits of banned notes
India puts fresh curbs on deposits of banned notes
Muslim Global
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy