Telangana News

If the sources are to be believed, the Central government is planning to stop the exchange of old notes for new ones.

The government reduced the limit of exchanging notes from Rs. 4500 to Rs. 2000 per day, but it felt this offer is being misused and “clogging the banking system”.

After Prime Minister Narendra Modi announced the demonetization, initially his government allowed to exchange Rs. 4000 per day and later that was increased to Rs. 4500 and from today, it was brought down to Rs. 2000.

Adding to it, to benefit more number of customers, the government tried to avoid the repetitive people and to restrict them, banks were told to use indelible ink to mark those who withdrew the cash. But banks have reported a shortage of or no access to the inks and some have been using permanent markers. 

So, unable to tackle the issue, the government is reportedly trying to drop down the idea of exchanging notes and allow the people only to deposit their old notes in the banks and use ATMs to withdraw the new ones.