RBI Asks Banks To Track Demand Drafts Used To Convert Old Notes To New During Demonetisation

During the 50-day demonetisation window-period numerous cases of illegitimate conversion of old Rs 500 and Rs 1,000 notes were reported at various bank branches, the Reserve Bank of India has centred its investigation on unusual transactions at bank branches that include those who got demand drafts (DD) made during that period using old currency notes and later cancelled them, thereby converting old notes into new.