1. Demonetisation: Don’t panic, there is sufficient supply of new currency notes, says RBI

Demonetisation: Don’t panic, there is sufficient supply of new currency notes, says RBI

The Reserve Bank f India on Thursday released a statement reassuring the public that there was a sufficient supply of notes consequent production which had started nearly two months ago.

By: | Published: November 17, 2016 4:26 PM
demonetisation, Reserve bank of india, rbi new currency, demonetisation rbi new curency, demonetisation update, demonetisation news, financial express The RBI requested the public to not panic in this situation or hoard currency notes. (AFP)

The Reserve Bank f India on Thursday released a statement reassuring the public that there was a sufficient supply of notes consequent production which had started nearly two months ago. The RBI requested the public to not panic in this situation or hoard currency notes. Earlier this month, the Indian public went into a frenzy following Prime Minister Narendra Modi’s announcement of scrapping Rs 500 and Rs 1000 notes overnight on November 8.

Following the opening of banks and ATMs two days later, long queues were witnessed outside banks and ATMs to deposit, exchange and withdraw money. The situation has been so that people have been reported dead due to the long queues and the demonetisation scheme. While the move has been applauded widely for being a bold step to curb down the flow of black money, it has also been criticised severely for the lack of a proper plan for the distribution of the new currency and extremely poor execution.

The citizens remain in a constant state of argument over the effectiveness of the move and its effect on common people. Prime Minister Narendra Modi himself has urged the people to be patient and bear with the inconveniences for 59 days for a better future. Although, the poor execution of the distribution of the new currency seems to have created a situation of panic. This is the second time in a matter of 10 days that the RBI has come up with such a statement in an attempt to reduce the panic amongst people.

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    Abdul
    Nov 17, 2016 at 12:08 pm
    If the government really want GOV HAD started raid on MLAs, MPs.. IAS, IPS and businessman's also on bureaucrats judge's... Then I believe your doing good job.Stop What he'll RBI s saving setting on AC cabin's and hiding behind all black money of their ries... Come and stand on the roads the way 70% of rural India suffering. Your living in cities bank branches near to you.. Bring back RAGHURAM RANJAN WHO MADE RBI PROFITABLE .... BRING BACK HIM AGAIN HE OS THE True HERO OF india NATION BANKING SYSTEM,the parents Ujit Patel is an peon of reliance industries and financial technologies the company which made bad headlines irregularities in market financial.... Come Indian bring down evil of societies which saving industrial power houses... And black money holders.. .
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      Bakil
      Nov 17, 2016 at 11:38 am
      For last three days, there is no cash in any ATMs located in Sector 5, Vaishlai,Ghaiziabad and also no cash in any of the 6 atms. located at Vaishali Metro Station Ghaziabad (NCR). Such poor handling of post demonetization scheme is inviting peoples anger at Govt. Please do something urgently and replenish all above said ATMs with cash urgently.
      Reply
      1. S
        SUNNY
        Nov 17, 2016 at 12:01 pm
        I DONT TRUST OUR INDIAN MEDIA AND FAKU BHAKTS ALL THESE NONSENSE MODI WENT TO EVERY COUNTRY TOO MUCH EXPENDITURE & HIS DRESS HE IS NOTHING MORE THAN A NEW BEGGER WHO ALWAYS HURRY FOR MONEY HE
        Reply
        1. S
          SUNNY
          Nov 17, 2016 at 12:07 pm
          if some one say any thing about modi people are strongly opposing we need to think about india more than modi. because of this fake PM people forgot our India. lost their judgemental skill this advantage is taking by modi & sold media helping to fake modi
          Reply
          1. S
            SUNNY
            Nov 17, 2016 at 12:04 pm
            modi purchased all media channels what ever media showcasing about modi is fake media is hiding truth just for some currency notes & silly religious partiality. all medai news is fake there is no truth in news as it is better to see entertainment channel instead of news channel news is waste of time
            Reply
            1. S
              SUNNY
              Nov 17, 2016 at 12:15 pm
              people are dying with out money govt have release change currency only 2000 currency not dont help country and local public. with if our country want to be secure & peace then we need to change the PM person instead of chai wala a better business man like bilgate
              Reply
              1. S
                SUNNY
                Nov 17, 2016 at 12:12 pm
                we cant move with money i have withdraw 2000 went to auto rikshaw driver says with tearing in his eyes sir i dont have change but can drop you if you give me change. i went to by a biscut packs to my kids bakery person said sir no change. all things are struck even i am suffering too
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                1. G
                  Ganesh Ramaswamy Iyer
                  Nov 17, 2016 at 11:36 am
                  The decision to demonetise our high value currency is in the correct direction, let us supportthe government move, there is no war like situation, let us wait and see the birth of a new healthy baby, that will change the destiny of our great motherland.
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                    Mahender
                    Nov 17, 2016 at 11:53 am
                    Its a lie, if there is enough cash, why there is a cut in exchange amount, why there is limit on withdrawals.
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                      Venkateswara Rao Gopineedi
                      Nov 17, 2016 at 11:39 am
                      Don't tell lies. There has no cash yesterday & today on icici dlf Hyderabad branch. They are only accepting deposits. Haven't see single atmosphere working. Decision is good but planning is too poor
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                      1. P
                        P C
                        Nov 17, 2016 at 4:05 pm
                        Govt has to bring more liquidity in giving exchanged notes like 500 ,100,,50,, and 10.Just informing 2000/- is ONLY AVAILABLE is Not correct as 2000/- note does nt have legal tender as RBI thinks....it is just A PAPER ...UNLESS they give 500 new notes and 100 this problem. Will not get solved ...I have about 5 LAKHS in SAVINGS ACCOUNT in five banks but no money in lose cash to buy vegetables. dr Rao Pune
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                          raju
                          Nov 17, 2016 at 11:46 am
                          Yes .. its not a war like situation, use debit /credit cards..lower your cash expenses. every one wants reforms but not at own cost. Keep patience. From today onwards Cash withdrawal & exchange lines will reduce due to correction action taken.
                          Reply
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                            vk
                            Nov 17, 2016 at 11:42 am
                            It seems that govt. and RBI are losing credibility as people are finding them unbelievable.If it is true that there is no shortage of currency notes or legal tender what is the reason that Mamata JI was denied information she sought on the same subject? Why there is so poor distribution and limit for swapping has been reduced from 4.5K to 2K? Why most of the ATMs are lying defunct? Why there is serpentine queues on each bank even on this tenth day? Why the situation has reached such a boiling point? Why no rich or upper or middle cl people are seen in the line? Are all honest or without black money and those standing in the queues are ders of black money? Is it not true that 86% of total money resides in denomination of Rs 1000 and 500 which means does not represent black money? Is it not an futile exercise where majority people have been subjected to unwanted humiliation,sufferings, and financial losses? No wise man would support this stupid move by a stupid govt. head an stupid person.
                            Reply
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