Weeks: Currency Chests and Finance

weeks: More than 70 million transactions were recorded up to mid-day of Nov. 12, the Ministry of Finance said in a statement late Saturday, according to Bloomberg. There adequate money in the currency chests at more than 4,000 locations and re-configuration of dispensing machines to disburse new notes will be completed within two weeks, Finance Minister Arun Jaitley said. The decision has also put tremendous pressure on the banking system to replenish the funds, as the banned bills accounted for 86 percent of money in circulation. Lenders have been caught out by Prime Minister Narendra Modi unexpected and widely-praised announcement of the withdrawal of 500-rupee and 1,000-rupee notes, part of a crackdown on tax evasion and the underground economy. There are long, but orderly queues. The Reserve Bank of India on Sunday urged the public not to be anxious and avoid going to banks repeatedly to draw and hoard cash. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; A big regret is that people are getting inconvenienced, but currency replacement of this magnitude will cause some problems, Jaitley said at a press conference in New Delhi on Saturday. (news.financializer.com). As reported in the news.