Govt to amend RBI Act to annul old Rs 500/1000 currency notes

December 11, 2016 13:28

The government is likely to amend the Reserve Bank of India Act to extinguish the validity of Rs 500 and Rs 1000 and a reference to this effect would be made in the upcoming Budget.

As part of the demonetisation process, there would be a law to make Rs 500/1000 notes invalid and it can be made effective from March 31, sources said.

Asked about the amount of money which did not get into the system, sources said, it would add to bottomline of the RBI and it would be in a position to pay the government in the form of higher dividend or special dividend.

Banks have received Rs 12 lakh crore demonetised currency notes as against Rs 15.5 lakh crore. The government expects Rs 13 lakh crore to come back to banking system.

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