1. Demonetisation: Former J&K CM Omar Abdulla to send father Farooq to bank tomorrow

Demonetisation: Former J&K CM Omar Abdulla to send father Farooq to bank tomorrow

In the recent drive undertaken by the central government to demonetise the Rs 500 and Rs 1000 currency notes have found massive resonance among the common men amid inconvenience among the people specially the senior citizens. Almost everyday the government and the banks are working in a coordinated manner to ease up the problems faced by the people for need of cash.

By: | New Delhi | Published: November 19, 2016 1:37 AM
omar-pti-l Former J&K CM Omar Abdullah (PTI Image)

In the recent drive undertaken by the central government to demonetise the Rs 500 and Rs 1000 currency notes have found massive resonance among the common men amid inconvenience among the people specially the senior citizens. Almost everyday the government and the banks are working in a coordinated manner to ease up the problems faced by the people for need of cash.

As per notification, banks will only serve senior citizens tomorrow to make one time swap for upto Rs 2000. Banks will remain closed on Sunday. “After this inking and all, we have seen for the last two days now, there is a visibly less rush in the banks. The queues are shorter and we hope things will settle down soon,” said Rajiv Rishi, the head of the Indian Banking Association, adding that tomorrow will be used to clear a backlog of work.

“No, note exchange stopped for a day. Yet another whimsical decision. Government must explain. Is there currency shortage? Financial emergency,” tweeted West Bengal Chief Minister Mamata Banerjee who has attacked the ban on old notes as punishing the poor and wants it reversed, which the government has flatly ruled out.

Sources in the Finance Ministry today said that no decision has been taken to end the offer of of providing new notes for old ones. The cap was originally set at Rs. 4,000; it was raised at the start of the week to Rs. 4,500 only to be reduced yesterday to Rs. 2,000.

Measures like applying indelible ink have been implemented by banks to ensure people not exchanging more cash than what is permitted.

Though the measure have been praised by several fiancial organisations of international repute, back home people have been inconvenienced due to empty ATM kiosks. The government should at least make sure that ATMs do not run out of cash.

Please Wait while comments are loading...

Go to Top