Central observer in Gangtok to review demonetisation process

Central Government Observer A K Yadav advised bankers to follow the uniform guidelines issued by RBI, ensure immediate calibration of ATMs and refilling of ATMs with adequate cash.

By: PTI | Gangtok | Published:November 25, 2016 4:01 pm

Central Government Observer A K Yadav is on a three-day visit in Gangtok to review the financial situation in Sikkim after the demonetisation of Rs 1,000 and Rs 500 currency notes. During the visit, he will assess the currency availability across the state in the bank branches, ATMs and post offices, besides calibration of ATM, a press note issued by the state government said.

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Yadav, Joint Secretary in the Ministry of Statistics and Programme Implementation, held a series of meetings with the Chief Secretary A K Shrivastava, Principal Secretary, Finance, M G Kiran, Chamber of Commerce, State Bank of Sikkim, Trade & Industries and Director, Postal Services in Gangtok on Friday.

In the meeting with the Chief Secretary, various issues were discussed as regard law and order situation, flow of currency, non-functioning of ATMs in the state and non-availability of currency notes especially in rural areas.

Managing director of the State Bank of Sikkim brought to Yadav’s notice that post demonetisation, chest banks have stopped providing currency notes to them due to which they are facing difficulties and unable to serve the 40 bank branches all over the state.

The Managing Director also said that the State Bank of Sikkim, in operation since 1968, was established under the Royal Proclamation of Chogyal, which is an old law of Sikkim, which is protected by Article 371(F) of the Constitution.

In the meeting with representatives of the Chamber of Commerce, Trade &Industries Yadav was apprised about the various problems in the post demonetisation scenario.

They suggested deployment of mobile vans by State Bank of India and Central Bank for exchange of old currency notes of Rs 1,000 and Rs 500 in the rural areas.

Yadav advised bankers to follow the uniform guidelines issued by RBI, ensure immediate calibration of ATMs and refilling of ATMs with adequate cash so that people are not inconvenienced.