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India Business News: The Reserve Bank of India (RBI) has announced that over 97% of the Rs 2,000 banknotes in circulation have been returned to the banking system. Only Rs

The government designated bullion dealers as ‘Reporting Entities’ to bring them under the Prevention of Money Laundering Act, 2002 (PMLA) and Unlawful Activities (Prevention) Act, 1967, mandating them to adhere to anti-money laundering (AML) standards, and combating proliferation financing obligations

The bank clarified that the Rs 2000 notes will continue to be legal tender even after September 30.

The board game notes resembling actual ones created a flutter on the road in Hyderabad. Police said scores of people had rushed to grab bundles of the Children’s Bank currency notes.

Loading the player... Notes in circulation go up due to cautionary holding of cash amid COVID-19 pandemic: RBI The Reserve Bank of India on Thursday said banknotes in circulation witnessed higher than average increase during 2020-21, on account of precautionary holding of cash by people due to the COVID-19 pandemic, and its prolonged continuance. The value and volume of banknotes in circulation increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21, as against an increase of 14.7 per cent and 6.6 per cent, respectively, witnessed during 2019-20, said the RBI annual report. ...