India announces new measures to increase supply of cash
[NEW DELHI] India announced new measures on Monday to ease the cash crunch faced by millions after the government's decision last week to abolish large denomination notes to try and uncover billions of dollars in undeclared wealth.
The government will install new micro cash machines across the country and has asked banks to waive off transaction charges on debit and credit cards, Economic Affairs Secretary Shaktikanta Das told reporters.
Das said the government would also raise the cash withdrawal limit of at least three-month old current accounts to 50,000 rupees (S$1,046) per week and said recalibrated cash machines would start dispensing new 2,000 rupee notes within two days.
Large crowds of Indians have gathered outside banks in recent days but struggled to withdraw money or swap the old 500 and 1,000 rupee notes that were banned last week.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Bankers lose hope of London IPO revival for another year
Decarbonisation schemes are generating hot air
BOJ will hike rates if trend inflation accelerates, says Ueda
India tells spice makers to give details of quality checks after Hong Kong allegations
Eurozone business in services-led bounce in April, PMI survey shows
China’s surging steel exports are inflaming global trade tension