India on Wednesday allowed banks and
post offices to exchange old, big bank notes, which are no longer in
circulation, with the Reserve Bank of India (RBI) in a month, provided these
notes were collected by Dec. 30, 2016, a finance ministry statement said.
India's cooperative banks have also been allowed
to exchange old currency notes with the RBI, if they had collected these notes
by Nov. 14, the statement said.
Prime Minister Narendra Modi announced a shock move on
Nov. 8 last year to ditch 500 rupee ($7.74) and 1,000 rupee ($15.48) notes -
worth a combined $256 billion - that he said were fuelling corruption, being
forged and even paying for attacks by militants who target India.
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