Nashik: Supreme Court, on Monday, rejected the plea by the central banks of the Nashik, who asked permission to exchange the scrapped currency, as the bank have the scrapped notes worth Rs 371 crore.

A bench headed by J S Khehar denied exchanging the scrapped money of the associated banks of Nashik. The total amount was collated by 281 branches of the Nashik banks. Supreme Court also said that the limit was given to the banks to exchange the money, now exchange is illegal.

Advocate Rajeev Dhawan said, "We have to shut down if we do not have liquidity ratio as was mandated by the Reserve Bank of India. To maintain the ratio, Rs 371 crore need to be exchanged with the central bank."

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