Currency demonetisation effect: No queue, because no cash

The move by the central government to demonetise Rs 500 and Rs 1,000 notes had taken both the bankers and people by surprise.

Written by Partha Sarathi Biswas | Pune | Updated: November 12, 2016 3:09 am
rs 500 ban, rs 1000 ban, black money, fake notes, fake currency, Fake Indian Currency Notes , bangladesh trade, indo bangla border fake money, narendra modi, black money, tughlaq, currency ban, indian express news, kolkata news, india news Since December 2015, the Centre has been closely working with neighbouring Bangladesh, training its security agencies to contain the smuggling of counterfeit notes.

Since Thursday, Kavita Kamble, 42, has made numerous trips to Moshi branch of the Janata Sahakari Bank to change her Rs 500 notes, but all her trips have been in vain. Kamble, who works as a domestic help in the nearby areas, has around Rs 12,000 in Rs 500 notes and post the demonetisation has been left with no option but exchange them.

“I have been trying to get my notes changed but have not been successful. Every time I go to the bank, I am told that they have run out of cash,” she complained.

The move by the central government to demonetise Rs 500 and Rs 1,000 notes had taken both the bankers and people by surprise. While banks have taken enough measures to meet with the sudden influx of people wanting to exchange notes, many have started facing severe currency shortage. The 65-year old Janata Sahakari (Cooperative) Bank has openly complained of shortage of currency notes.

Avinash Khaladkar, chairman of the bank, said their requests for currency notes to both Reserve Bank of India (RBI) and Bank of India, which acts as their currency chest, has been in vain. “With great difficulty we managed to get Rs 2 crore on Thursday and made additional demands for Friday. But our requests were not met,” he said. The bank managed to get Rs 1 crore for Friday but it proved to be inadequate, given the customers’ demands.

On Friday afternoon, the Moshi branch of the bank wore a deserted look. Seema Shinde, a local resident, had come to exchange her notes but was told the bank had run out of cash. “I have been asked to come early Saturday morning,” she said.

Khaladkar confessed there were long queues across all branches of the bank. “People cooperated with us and we requested them to withdraw smaller amounts,” he said.