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Banks

India's central bank chief sees no disruption with phasing out of high value banknotes

A customer waits to deposit 1000 Indian rupee banknotes in a cash deposit machine at bank in Mumbai, India, November 8, 2016. REUTERS/Danish Siddiqui

MUMBAI (Reuters) - India’s central bank said on Tuesday it would ensure there was no disruption caused by the phasing out of 500 and 1000 rupee notes after the government’s shock move to remove the high value notes from circulation, as part of a crackdown on fake notes and black money.

Production of new replacement notes have been ramped up over last few months to meet requirements, Reserve Bank of India Governor Urjit Patel said at a press conference late on Tuesday.

Reporting by Abhirup Roy; Editing by Euan Rocha

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