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Mumbai: India’s largest lender State Bank of India (SBI) will make its next batch of convertible notes illegal from 1 April, and a few of the 10,000 currency notes that were issued with the support of the Central Bank, it announced on Thursday.
The ban is a bold move on the part of the central bank to address the growing popularity of virtual modes of payment like Bitcoin, where it is illegal to take public money without a security cover, and the rise in cash transactions among the poor and small businesses in India.
“The use of Bitcoin and other virtual modes of payment, especially in India, has come under the scrutiny of government. We will now remove such deposits and convert these into Indian notes from 1 April,” SBI Chief Executive Officer Anurag Thakur said on Thursday.
The decision will impact at least 70 million Indians who now make use of online banking services and online payment systems such as Paytm and online wallets such as Unocoin.
“Some of the notes, the new Rs 500 and Rs 1,000 notes that are being phased out for deposits and transactions on these payment systems, will be illegal to use, the central bank said. The note ban will also affect non-resident Indian customers on these payment systems,” an official said on condition of anonymity.
The ban will, however, not affect deposits in bank branches or ATMs, the official added.
“Any person holding these Rs 500 Rs 10,000 notes can deposit that amount in your bank account up to Rs 2,000 and use that money to make other transactions like buy and sell goods and services, purchase and rent cars on online markets, travel across states or buy the goods in the local market from you or the online market,” the central bank said.
It looks like the new season for the long-running soap opera “Grey’s Anatomy” has something to offer up for fans of the long-running medical drama, especially those looking to learn more about the history of its characters.
For those, who, like me, love the show for its history rather than for the sex and bromance of some of its characters, the ABC daytime drama, based on the popular 1993 book series, has an extra treat on their hands, thanks to the book’s
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