85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
The Supreme Court (SC) on Monday asked the Union government and the Reserve Bank of India (RBI) to explain why people are not being allowed to deposit demonetised notes till March 31 as promised.
“SC notice to Centre, RBI on plea alleging that people are not being allowed to deposit demonetised currency notes till March 31, 2017 as promised,” reports stated, adding the “SC fixes the petitions on demonetisation for further hearing on March 10”.
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While announcing the demonetisation move on November 8, Prime Minister Narendra Modi had said that old currency notes (Rs.1,000 and Rs.500) can be exchanged till March 31, 2017.
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However, hundreds returned empty handed after December 31 as the RBI allowed the facility only for Non-Resident Indians (NRIs) or those who were abroad during the 50-day of the demonetisation period.
The government announced demonetisation or note ban of Rs.500 and Rs.1,000 notes on November 8 midnight to curb black money and terrorism and promote digital transactions.
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