MUMBAI Nov 22 The Indian central bank on
Tuesday doubled the balance that can be kept in prepaid wallets
and cards to 20,000 rupees ($292) to help small merchants get
paid electronically after the government withdrew high value
The Reserve Bank of India also said merchants can transfer
up to 50,000 rupees per month from these so-called semi-closed
prepaid payment instruments to their bank accounts.
The relaxation will be applicable until Dec. 30, the RBI
Indian businesses have been badly hit with buyers and
sellers left with very little cash following the demonetisation.
($1 = 68.4500 Indian rupees)
(Reporting by Suvashree Dey Choudhury and Devidutta Tripathy;
Editing by Robin Pomeroy)