MUMBAI Reserve Bank of India (RBI) 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 bills.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 said.
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)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Nov 22, 2016 22:00:09 IST