Demonetisation effect

In India a senior central bank official is one of nine men arrested in Bengaluru by the Central Bureau of Investigation (CBI), for allegedly exchanging Rs 1.50 crore of banned currency notes. The man a RBI official was K Michael, a special assistant.

The other eight people, sources said, were middlemen who allegedly got money converted for a fee. Nearly Rs 1 crore was found in the raids that were conducted over the past few days. “They charged between 15% to 30% for conversion,” a source said.