They came in scores to do their last transactions As reported in the media today, thousands of Indians swarmed the local banks the other day. In order to address the IC crunch had ordered all the banks to close the accounts held by non-residential Indians. Thousands of Indian businessmen applied to close their accounts in the banks and withdrew the amount in Indian Rupee. There was a huge rush everywhere as the Central Bank announced in their directives that accounts (savings, CD, FDR, RD, etc.), which are closed on before 9 th March may be settled in Indian Rupee. Therefore, there was so much hustle and bustle in the banks, especially in the border towns. Indians came in scores and took their money worth millions (almost emptying the banks). Seriously, this is a crisis in the making. With the closure of accounts and settlement of account balances held by Indian nationals is a short-term solution. How would it ease the rupee crunch? I am not a finan...
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