No queues, banks make own rules on note exchange; Withdrawal of Rs 2,000 notes will not curb black money: Surjit Bhalla

No long lines outside banks but confusion prevailed on the first day of the exchange of Rs 2000 currency notes. Ground reports showed banks making their own rules on the number of exchanges per day and ID norms. Meanwhile, the RBI has left it to the banks.

And former ED of IMF Surjit Bhalla claimed that the withdrawal of the 2000 rupee note will not curb black money. He further slammed the government's tweaks in foreign remittance rules.