1. Rs 500, Rs 1000 ban: RBI appeals people to stay calm; says enough cash available at banks

Rs 500, Rs 1000 ban: RBI appeals people to stay calm; says enough cash available at banks

The central bank said that adequate arrangements have been made to distribute notes in new denominations across the country.

By: | New Delhi | Updated: November 11, 2016 3:26 PM
The central bank said that adequate arrangements have been made to distribute notes in new denominations across the country. (Reuters) The central bank said that adequate arrangements have been made to distribute notes in new denominations across the country. (Reuters)

Reserve Bank of India on Friday said that enough cash is available at banks and appealed people to stay patients for exchange of their money. The central bank said that adequate arrangements have been made to  distribute notes in new denominations across the country. “After DeMonetisation of existing ₹500/1000 notes, RBI made arrangements to distribute notes in new denominations across the country, there’s enough cash available with banks & all arrangements have been made to reach currency notes all over the country,” said RBI.

The bank said that facility to exchange notes is available for next 50 days and people can easily exchange money at this time period. “Reserve Bank appeals to members of public to be patient & urges them to exchange their old notes at their convenience, anytime before Dec 30,” RBI said. “Bank branches have already started exchanging notes since November 10. Once the ATMs are functional, members of public will be able to withdraw from them upto a max of ₹ 2,000 per card/day up to Nov 18,” it added.

RBI’s statement comes after long ques were seen outside ATMs and Banks this morning. People complained that though ATMs were opened, but there was no cash available. Prime Minister Narendra Modi on Tuesday appeared on television and declared Rs. 1000 and Rs. 500 as illegal tenders. He asked the citizens to deposit their existing notes into banks and withdraw the new currency. PM Modi announced a “decisive” war against black money and corruption while he assured the common man that their money is safe.

PM Modi said banks and ATMs will remain closed on November 9 and in some places ATMs may remain closed on November 10. PM’s annoucement made people rush to ATMs where money could be withdrawn in Rs 100 notes, trying to avoid being caught without cash over the next few days.  The old notes can be deposited in banks and post offices from Nov. 10 to Dec. 30. Governor of the Reserve Bank of India, Urjit Patel, said he saw no impact on liquidity in the wholesale market and that the bank had ramped up production of the new series of notes over the last few months.

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