RBI forms task force as cash crisis continues

rupee-india-money
Rupee banknotes are in short supply

The Reserve Bank of India (RBI) launched a task force today (November 14) to support the changeover to a new currency series, as cash shortages continue to plague the country.

As part of a crackdown on "black money", the RBI and government withdrew India's two highest-denomination banknotes, the Rs500 ($7.50) and Rs1,000, from circulation at midnight on November 9, replacing them with a new Rs500 and an Rs2,000 note.

The move led immediately to queues outside banks and at ATMs, with many cash

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.