Cannot disclose details on release of new Rs 500 notes: RBI

RBI had then submitted that it faced practical difficulties in transporting currency in view of seizure of over Rs 500 crore by poll authorities in Tamil Nadu two days before the 16 May Assembly election in three constituencies.

By: PTI | Chennai | Updated: November 18, 2016 5:26 pm
RBI, Reserve Bank of India, IT dues, income tax dues, income tax, income tax india, income tax due, income tax due date, rbi income tax, business news, indian express, india news RBI had then submitted that it faced practical difficulties in transporting currency in view of seizure of over Rs 500 crore by poll authorities in Tamil Nadu two days before the 16 May Assembly election in three constituencies.

The Reserve Bank of India on Friday informed the Madras High Court that it cannot disclose details regarding the release of new Rs 500 denomination currency to the banks for distribution due to security reasons. The submission was made by the counsel for RBI on a petition seeking a direction to the Registrar of Co-operative Societies to follow procedures laid down by RBI relating to demonetisation and permit cash withdrawal and exchange of old currencies in the societies.

WATCH VIDEO: Here’s What Supreme Court Said On Government’s Demonetisation Move

After recording the submission, the court posted the matter for further hearing to November 28. The High Court had on November 16 adjourned for today the hearing in the case after it sought to know from the RBI when new Rs 500 denomination currency would be made available in Tamil Nadu to ease the present cash crunch following demonetisation.

RBI had then submitted that it faced practical difficulties in transporting currency in view of seizure of over Rs 500 crore by poll authorities in Tamil Nadu two days before the 16 May Assembly election in three constituencies.

On permitting District Central Cooperative Banks to exchange the demonetised currencies, the counsel had submitted that “the decision to ban DCCBs from exchanging notes was made apprehending malpractices”.

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  1. A
    Ashok Mazumdar
    Nov 18, 2016 at 3:13 pm
    Tender For Herbal Pigment just Floated.lt;br/gt;lt;br/gt;Only one single Tender Received from Baba Ramdev.lt;br/gt;lt;br/gt;Paper Forwarded to CAG for Clearance.
    Reply
    1. V
      Vihari Naidu
      Nov 18, 2016 at 1:46 pm
      It is so secret that not even the notes know their own size ;D
      Reply
      1. V
        Vihari Naidu
        Nov 18, 2016 at 1:36 pm
        They are having nano GPS chips according to top secret zee news report.....
        Reply
        1. P
          Pradeep Phadke
          Nov 18, 2016 at 11:15 am
          It will be released after 31st March 2017 to prevent unscrupulous people from claiming that they deposited new currency in their accounts.
          Reply