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The Indian government has decided to deploy the Army at major offices of the country's central bank to help in the speedy disposal of scrapped currency notes, sources said Tuesday.
"Some 15 teams of the Indian Army will be deployed at key offices of the Reserve Bank of India for the purpose by the end of this week. All the demonetized currency notes are currently stored in the central bank's offices across the country," the sources said.
Indian Prime Minister Narendra Modi announced in a sudden televised address to the nation in November last year, the scrapping of currency notes of 500 rupees (7.5 U.S. dollars) and 1,000 rupees (15 U.S. dollars).
The surprise move was part of the Indian government's crackdown on corruption and illegal cash holdings as well as to prevent the circulation of fake notes in the hands of terrorists, mainly those from across the border.
New 500 rupees and 2,000 rupees notes were subsequently issued to replace those removed from circulation.
Modi's ruling Bharatiya Janata Party came to power in 2014 promising to bring billions of dollars of black market money into the country's financial system. His government is half way through its term of office.
The surprise announcement of demonetization came barely a month after the government had raised nearly 10 billion dollars through a tax amnesty for Indians to declare hidden income and assets.
(ASIA PACIFIC DAILY)
