RBI asks banks to furnish daily data on cash withdrawals

November 15, 2016   admin  Latest Tax Updates
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The Reserve Bank of India (RBI) asked banks to submit daily amounts of cash withdrawn from over the counter and through ATMs to help it gather accurate data on currency circulation. In a circular on Sunday, it asked banks to submit the data in a specific format in contrast to lenders sending it fortnightly. RBI and the government have been trying to assuage public anger after Prime Minister Narendra Modi abruptly decided to withdraw large denomination notes in an attempt to uncover many billions of dollars in undeclared wealth.

The Mint, 14th November 2016

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