Sunday, November 19 2017

August 31, 2017

Banned Rs 500 and Rs 1000 demonetised notes back in system

New Delhi-Almost 99 per cent of banned Rs 500 and Rs 1000 notes that were demonetised last November have returned to the system said Reserve Bank of India in a report.The govt had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.The govt replaced Rs 500 old notes with new ones, but no replacement for Rs 1000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.