1. Demonetisation: Cash shortage to continue for 4 to 5 months, claims BEFI

Demonetisation: Cash shortage to continue for 4 to 5 months, claims BEFI

The Bank Employees Federation of India (BEFI) today said currency note shortage will continue for another four to five months even if the country's all four currency press facilities work at optimum capacity.

By: | Kolkata | Published: November 25, 2016 12:46 AM
exchange money, withdraw money, exchange money guidelines, withdraw money guidelines, exchange money new guidelines According to them, the cash scarcity spilling over to next week will make people more impatient when receiving and withdrawing salary will become difficult. (PTI)

The Bank Employees Federation of India (BEFI) today said currency note shortage will continue for another four to five months even if the country’s all four currency press facilities work at optimum capacity.

According to them, the cash scarcity spilling over to next week will make people more impatient when receiving and withdrawing salary will become difficult.

“Cash shortage will continue even if the four currency note printing presses run at their optimum capacity. It will take four to five months to restore normalcy in cash supply,” bank employees’ union BEFI general secretary P K Biswas said here.

Biswas alleged that some customers have vandalised bank property in some of branches of public sector banks and halted banking operations due to cash shortage post-demonetisation.

As on March this year, there were 15,707 million pieces of old Rs 500 notes and 6,326 million pieces of Rs 1,000 notes in circulation, the union said.

The situation “can turn worse” in a week or so if the customers face difficulties in withdrawing their salaries from banks and ATMs, BEFI said.

It said printing ink and dice for new denomination notes have reached the Salboni printing facility in West Bengal, but when the actual printing will start is yet to be known.

  1. C
    chandan saha
    Nov 25, 2016 at 12:39 pm
    It's unfortunate to see, how an educated person claims an unusual fact. Poor are suffering, Rural area people are suffering in absence of adequate cash. Banking facility is not sufficient specially in Rural areas in Eastern and northastern zone. it's not known whether Govt. is knowing the critical situation there, how people are managing their day to day life without money? It's better to speak and advice/blame someone updating oneself with current situation. It is expected to common people like us not to make politics instead to finding ways out of crisis.
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