RBI: Banks received nearly 5.5 trillion for exchange

2000-nReserve Bank has received as much as 5.5 trillion rupees( 80 billion dollars) in Rs 500 and Rs 1000 notes till date. The amount includes 5.12 trillion rupees in bank deposits and 33,000 crore rupees in exchange of old notes with new ones.
The RBI has also eased cash withdrawal rules for businesses, saying overdraft and cash credit account holders can now withdraw up to Rs. 50,000 in a week now.
It had earlier allowed only current account holders to withdraw Rs. 50,000 in a week. The central bank said this would be allowed for accounts that have been operational for the last three months. People can withdraw Rs. 24,000 a week from their savings account,
To help farmers in the middle of the Rabi sowing season, the government said on Monday said it will allow them to purchase seed with the banned 500 rupee notes.

Medaram Jathara

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