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    IndiaRBI refuses to take back big notes dumped in Banks

    RBI refuses to take back big notes dumped in Banks


    Too big, too small unacceptable

    RBI refuses to take back big notes dumped in Banks

    NL Correspondent

    Tawi, Nov 22: With extraordinary hard work put in by the Bank staff and patience shown by the people in exchanging and depositing the old currency notes of Rs. 1000 and Rs. 500 denominations, the situation, by and large, has been eased a bit for the time being for now.

    The decision of demonetization, while welcomed by the people, the implementation of the scheme and process of exchange and withdrawal have many flaws and people have to encounter the worst frustrating situation across the board. The ground situation is still entirely different what the Prime Minister, his government or his party people have been claiming. The Reserve Bank of itself miserably failed in ensuring a smooth run to the scheme. It failed to provide the new Rs. 500 note and sufficient number of Rs. 100 notes to facilitate the convertibility of the new Rs.2000 notes that were fed to the Banks and ATMs with many stipulations.

    People ran from pillar to post to find the ATMs out of cash of heavily rushed. People suffered in long queues on the bank counters.

    Strangely, the RBI has re-circulated the worn-out non-issuable Rs. 100 notes to the banks for distribution while denying receiving the old currency notes of Rs. 500 and Rs. 1000 collected by the Banks.

    A senior Bank Manager of a Nationalised Bank in old city, on condition of anonymity, said that most of the Banks here in Jammu do not have currency chest to replace a huge volume of old notes collected at the Bank Branches and these branches have no alternative but to dump the old currency in its own strong room as the RBI refused to accept the collection from the Banks.

    “The reason for the liquidity is the shortage of Rs. 100 denomination and taking back the old currency notes from the bank which the local RBI office has been refusing', said another Branch Manager of a Nationalised Bank at Gandhi Nagar.

    “Situation has reached as Exchange of newly launched Rs. 2000 currency notes is flatly denied by the shopkeepers in absence of Rs. 500 currency notes and the shortage of Rs.100 currency notes has added to the complications of the people across the state”, one Shamsher Singh, a customer in a bank branch at Satwari said..

    A shopkeeper told this correspondent “exchange of Rs. 2000 currency notes is denied even by the banks and how could we exchange these high currency notes in absence of Rs. 500 and Rs. 1000 currency notes”. Both the shopkeepers and the customers allege that in absence of Rs. 500 and Rs. 1000 currency notes even purchase of goods has become difficult. “I went to a shop with newly launched Rs. 2000 currency note but the shopkeeper refused to accept it with the contention that he can't return the remaining amount due to shortage of Rs. 100 and Rs. 50 currency notes”.

    When this correspondent went to a bank branch in old city, the customers present at the cash counter were forced to accept Rs. 2000 currency notes with the contention that shortage of Rs. 100 and Rs. 50 currency notes has made it difficult to make the payments to customers in low currency notes.

    A cashier at a bank branch on conditions of anonymity told, “Surprisingly among the low currency notes only currency notes of Rs. 20 are available in bulk Rs. 10 coins with the banks but the customers are not ready to accept Rs. 10, 20 currency notes and Rs. 10 coins in bulk at the time of payments”.

    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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