It’s miles simplest inside the last weeks that the finance ministry and the Reserve financial institution of India have started out a circulate to carry required changes within the current regulation that lets in alternate of notes of Rs 5, 10, 20, 50, 100, 500 and the erstwhile Rs 1,000 if they may be now not in proper condition.
Quickly, an modification will supply powers to banks to exchange those two newly brought notes. The modifications will be included in the Reserve bank of India (word Refund) guidelines, 2009.
In step with sources, the finance ministry has given a cross–in advance to the RBI to bring about the exchange. Now, the approval will ought to be sought by the RBI Board.
Resources inside the RBI stated, the Board is predicted to take in the problem inside the coming days and then a person seeking to exchange Rs 200 and Rs 2,000 notes, that are the most recent inside the currency notice collection, can be able to achieve this.
After an RBI explanation ultimate 12 months, banks had commenced exchanging shade-stained currency notes. The RBI clarified after positive humans suggested the brand new currency notes had been bleeding color.
However, there have been certain reservations on the a part of the lenders on exchanging torn notes of the most recent denomination of Rs 200 and Rs 2,000 as the prevailing RBI hints did now not allow them to do so.