B'desh banks to send banned rupees to India

Staff Correspondent | Published: 00:18, Nov 11,2016 | Updated: 00:23, Nov 11,2016

 
 

Bangladesh Bank has decided to refund the scrapped Indian large-denomination currency notes of Rs 500 and Rs 1,000 as the country’s four state-owned commercial banks hold around Tk 12 lakh rupee in the discontinued notes.
Indian government scrapped the currency notes from Tuesday midnight.
The BB issued a directive on Thursday saying that Janata Bank, Agrani Bank and Rupali Bank would submit their Indian rupees to Sonali Bank.
Soanli Bank will exchange the currency notes with the Indian government through its Siliguri branch in India.
A BB official told New Age on Thursday that some private commercial banks were also holding Indian currency notes of Rs 500 and Rs 1,000, but they were yet to submit reports to the central bank in this regard.
The banks, which hold the Indian currency, will have to submit Sonali Bank to exchange the rupee notes, he said.
He, however, said that Bangladeshi people holding Indian rupee ‘illegally’ would not be able to exchange the currency notes through the banking channel.
The country’s foreign exchange houses will have to face same situation if they hold illegal Indian rupee, he added.
Indian prime minister Narendra Modi in a televised address on Tuesday announced that all 500- and 1,000-rupee notes had no cash value but could be exchanged by taking lower denomination notes at banks in India by December 30 as an initiative to unearth black money.
Modi in his address assured that Indian people holding the discontinued notes would be able to deposit them in banks and post office savings accounts before the end of the year, and that new bills for 500 and 2,000 rupees were being printed and would be sent to the banks soon.
He said anyone making large bank deposits in the coming weeks would find themselves being the target of Indian tax authorities.
‘A few people are spreading corruption for their own benefit,’ he said in the speech. ‘There is a time when you realise that you have to bring some change in society, and this is our time,’ said the Indian prime minister. 

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