Press Releases
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The Reserve Bank of India has, on a review, decided to extend the date for the public to exchange their pre-2005 banknotes till June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx)
and Issue Offices of the Reserve Bank. The Reserve Bank had, in June
2015, set the last date for public to exchange pre-2005 banknotes notes
as December 31, 2015.
Soliciting cooperation from members of
public in withdrawing these banknotes from circulation, the Reserve
Bank of India has urged them to exchange pre-2005 banknotes at the
identified bank branches or Issues Offices of the Reserve Bank,
convenient to them.
The Reserve Bank has also clarified that
all such notes continue to remain legal tender. Explaining the move,
the Reserve Bank said that the banknotes in Mahatma Gandhi series have
now been in circulation for a decade. A majority of the old banknotes
have been withdrawn through bank branches. It has, therefore, been
decided to withdraw the remaining old design notes from circulation. The
Reserve Bank pointed out that it is standard international practice not
to have currency notes from multiple series in simultaneous
circulation. The Reserve Bank will continue to monitor and review the
process so that the public is not inconvenienced in any manner.
Alpana Killawala
Principal Chief General Manager
Press Release : 2015-2016/1501
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On
a review and in order to facilitate the settlement of market
transactions, as also, to aid the transactions of the general public,
the Reserve Bank of India has decided that it will remain open for
public transactions on July 1, 2015. Normally, the Reserve Bank remains
closed for public transactions every July 1 on account of its annual
closing of accounts. The Reserve Bank’s accounting year is July to June.
In view of the annual closing of its books of account, however, on July 1, 2015–
- services, such as, RTGS/ NEFT, transfer of funds and settlement of securities will be available from 11.00 a.m. onwards;
- settlement
of funds as well as securities for all transactions that settle on T+0
basis will be effected from 11.00 a.m. onwards;
- settlement
of all outstanding transactions under the Reserve Bank’s liquidity
adjustment facility(LAF) / marginal standing facility (MSF) due for
reversal will take place at 11.00 a.m. on that day; and
- the morning LAF window will operate between 11.30 a.m. and 12.30 p.m.
Ajit Prasad
Assistant General Manager
Press Release : 2014-2015/2779
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A
section of the press has mis-characterized Governor Dr. Raghuram G.
Rajan's remarks at the AQR conference at London Business School on June
25, as saying "the world is at risk of a Great Depression". What
Governor Rajan did say, in his remarks made off the attached written text,
was that the policies followed by major central banks around the world
were in danger of slipping into the kind of beggar-thy-neighbour
strategies that were followed in the 1930s. He then called for new rules
of the game in the international monetary system, a call that he has
made before, and is gaining some traction. The Great Depression was a
period of great turmoil, caused by many factors and not just
beggar-thy-neighbour policies. Governor Rajan did not imply or suggest
that there was any risk of the world economy, which is in steady
recovery notwithstanding uncertainties like those in the Euro area,
slipping into a new Great Depression.
Alpana Killawala
Principal Chief General Manager
Press Release: 2014-2015/2763
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