1. With long queues in banks and 40 percent ATMs working, government, RBI officials to meet today to ease transition

With long queues in banks and 40 percent ATMs working, government, RBI officials to meet today to ease transition

Since Tuesday night, when Prime Minister Narendra Modi announced demonetisation move, more than Rs 14 lakh crore worth of Rs 500 and Rs 1,000 notes have been pulled out of circulation.

By: | New Delhi | Published: November 12, 2016 9:12 AM
 Even while there is sufficient availability of new currency, the problem currently is the logistics of its movement and timely stocking, an official said. (ANI) Even while there is sufficient availability of new currency, the problem currently is the logistics of its movement and timely stocking, an official said. (ANI)

With people had to wait for hours in long queues outside banks and not many ATMs functional on Friday, just days after the government’s announcement of demonetisation of Rs 500 and Rs 1,000 notes in order to curb flow of black money in the country, officials of the Union Finance Ministry and Reserve Bank of India are scheduled to meet on Saturday to resolve the immediate shortage of cash.

Speaking to ‘The Indian Express’ an official said that even while there is sufficient availability of new currency, the problem currently is the logistics of its movement and timely stocking. The meeting with the RBI team will be held to understand their difficulty and come out with a solution.

He further added that “1.5 billion pieces” of Rs 2,000 notes, which is Rs 3 lakh crore had been circulated and further 1.5 billion would be infused at the earliest take the month-end stock to 3 billion pieces, or Rs 6 lakh crore.

As per the central bank, the new Rs 500 have been introduced in Delhi and Mumbai only as of now. The plan is to distribute them across the country over the next fortnight gradually. The aim is to flood the market with higher value Rs 2,000 notes to make up for the decrease in money supply due to banning of old s 500 and Rs 1,000 notes, he said.

Since Tuesday night, when Prime Minister Narendra Modi announced demonetisation move, more than Rs 14 lakh crore worth of Rs 500 and Rs 1,000 notes have been pulled out of circulation. The RBI has also started printing new Rs 1,000 notes and is likely to circulate from december. The report also quoted a source as saying that after volumes rise, the ongoing supply of Rs 2,000 would be “controlled” to reduce inflationary pressure.

  1. R
    Rajesh Subramaniam
    Nov 12, 2016 at 5:55 am
    @ Modi - do you really have "common man" sense?India will never forget one of your famous epsiode of 93% of innocents for monitoring 7% of criminals (who have anyways escaped long ago, some under your shadow).-------------~ New born babies dont have milk~ Hospitals dont have any care or consideration~ Mortuary's dont dispense bodies ~ Vegetable and foods have become expensive ~ a common man is now forced to go to card swiping outlets paying extra than his affordability.~ Transport, Travel have spiked their prices-------------~ Beggars are the most on demand ~ No business ran during last three days, productive hours lost.-------------~ Banks, Paytm, Freecharge are the only happiest minds during last one week.Topping the arrogance,@ Modi - you have given immunity to all central government employees from corruption investigations.One of the most unscrupulous execution in the entire world history especially in India.didn't anyone advice you to pre-plan, engage Army (if Banks are non trustworthy) the previous night to ensure supply of currencies and seamless transition from day 1?For once, even if Rahul is seen as a dumbo, atleast he was on the ground to experience - do you have the guts to walk into Delhi streets and find out?For every citizen who keeps clapping hands, showing thumbs up to Modi - hope you wake up with some "presence of mind" now on atleast.Its just a GAS BALLOON waiting to burst with full of "Chai" dust.Painful to see the sufferings across, which will never rest at-least for next 12 months while you enjoy your international travel.WHOM ARE YOU KIDDING WITH?
    Reply
    1. R
      Rajesh Subramaniam
      Nov 12, 2016 at 5:56 am
      @ Modi - do you really have "common man" sense?India will never forget one of your famous epsiode of 93% of innocents for monitoring 7% of criminals (who have anyways escaped long ago, some under your shadow).-------------~ New born babies dont have milk~ Hospitals dont have any care or consideration~ Mortuary's dont dispense bodies ~ Vegetable and foods have become expensive ~ a common man is now forced to go to card swiping outlets paying extra than his affordability.~ Transport, Travel have spiked their prices-------------~ Beggars are the most on demand ~ No business ran during last three days, productive hours lost.-------------~ Banks, Paytm, Freecharge are the only happiest minds during last one week.Topping the arrogance,@ Modi - you have given immunity to all central government employees from corruption investigations.One of the most unscrupulous execution in the entire world history especially in India.didn't anyone advice you to pre-plan, engage Army (if Banks are non trustworthy) the previous night to ensure supply of currencies and seamless transition from day 1?For once, even if Rahul is seen as a dumbo, atleast he was on the ground to experience - do you have the guts to walk into Delhi streets and find out?For every citizen who keeps clapping hands, showing thumbs up to Modi - hope you wake up with some "presence of mind" now on atleast.Its just a GAS BALLOON waiting to burst with full of "Chai" dust.Painful to see the sufferings across, which will never rest at-least for next 12 months while you enjoy your international travel.WHOM ARE YOU KIDDING WITH??
      Reply

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