• Sunday, May 22, 2022

Business

Narendra Modi gives back after cash ban

Reserve Bank of India branches are the only place to deposit old notes now

By: Eastern Eye Staff

Indian prime minister Narendra Modi on Saturday (December 31) unveiled a series of cash handouts, cheaper loans and tax breaks for women, farmers and businesses as he defended the move to ban high-value banknotes. In a New Year’s Eve address, Modi thanked people for their “patient sacrifice, discipline and resolve” in supporting the withdrawal of some 85 per cent of all bills in circulation, which he said had laid the foundation for a better India. His televised remarks followed the expiry of a deadline for people to swap their old Rs500 (£5.95) and Rs1,000 notes for new ones the previous…

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