New Delhi: The Centre on Monday requisitioned 15 more teams of the Army for currency verification and processing system machines. The deployment will be completed by May 25. Two teams of the Army have been assisting the RBI since the demonetisation policy was implemented.
Prime Minister Narendra Modi’s demonetisation drive was rolled out on November 8 last year, imposing a ban on the circulation of Rs. 500 and 1000 notes, with subsequent circulation of Rs. 2000 notes that were printed to balance the cash flow.
Citizens were allowed to exchange their notes until December 31, 2016, following which the ban would be imposed. However, in case of NRIs living abroad, the Reserve Bank of India (RBI) revealed that they would be given time till June 30, 2017 to exchange notes up to Rs. 25,000. Anybody possessing money more than the aforementioned limit would be deemed as an offender.
Under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, which was passed in March 2017, it is illegal for Indian citizens to hold more than ten notes of the invalid currency after March 31, 2017.