Don’t hoard currency, sufficient notes in supply: RBI

Despite ATMs being calibrated to dispense Rs 500 notes, such vending machines are running out of cash because of huge pressure of withdrawal.

By: PTI | Mumbai | Updated: November 17, 2016 6:05 pm
reserve bank of india, rbi, security pigment, new notes, rs 500 ban, rs 1000 ban, 2000 note, bank note press, currency printing, currency tender, SPMCIL, beta blue, indian express news, india news Despite ATMs being calibrated to dispense Rs 500 notes, such vending machines are running out of cash because of huge pressure of withdrawal.

The Reserve Bank on Thursday asked people not to hoard currency as there is sufficient supply of notes, even as banks struggled to manage the rush of people thronging branches across the country to exchange the scrapped high denomination 1,000 and 500 rupee notes.

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The government meanwhile eased restrictions on cash withdrawal by farmers and families in the middle of marriage and sowing season, and at the same time more than halved the limit for currency exchange to Rs 2,000.

“The Reserve Bank of India has once again clarified today that there is sufficient supply of notes consequent upon increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes,” the central bank said in a statement.

Despite ATMs being calibrated to dispense Rs 500 notes, such vending machines are running out of cash because of huge pressure of withdrawal.

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Queues at some branches in the metros cities were seen slightly shorter for exchange of old currencies as the process of putting indelible ink has started from yesterday. As a result of this, those who have already exchanged old currency notes are unable to queue up again.

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Prime Minister Narendra Modi had on November 8 surprised citizens by announcing demonetisation of 500 and 1000 rupee notes and since then a large number of seemingly unending queues before banks and post offices are seen as people throng to exchange the currency.

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First Published on: November 17, 2016 3:35 pm
  1. S
    Stonecold
    Nov 17, 2016 at 1:41 pm
    Are you listening parliamentarians ? lt;br/gt;This message is for you people .
    Reply
    1. R
      Raghu
      Nov 17, 2016 at 12:34 pm
      Who is going to trust RBI which is now in Reliance/Ambani control and Feku is in Ambani's pocket? It's frightening to think if our hard-earned life savings in banks are safe or not!!
      Reply
      1. K
        Kamal
        Nov 17, 2016 at 3:34 pm
        Vihari it is not Rs. 2000 till December end. please stop spreading rumors.
        Reply
        1. C
          Chhuan Ralte
          Nov 19, 2016 at 5:41 am
          Sufficient cash... great. There is no place where i can use my rs 2000 note. All i get from them is "No change". No one is saying you have only Rs 2000 notes so i will give you this for free.lt;br/gt;The plan is like demolishing the house, to built a new house; though there is no raw material to built a house.lt;br/gt;Modify is having a great theory but impracticable
          Reply
          1. V
            Vihari Naidu
            Nov 17, 2016 at 1:26 pm
            But they gave me one Rs.2000 note and no shopkeeper is accepting it.
            Reply
            1. V
              Vihari Naidu
              Nov 17, 2016 at 2:54 pm
              Rs.2000 not per day, only Rs.2000 till December end.
              Reply
              1. T
                truthprevails
                Nov 17, 2016 at 3:41 pm
                correction, till Nov 24th, from own account, you can withdraw upto Rs.24,000/- per week. Regarding exchange of old currency, you can do it only once, for Rs.4500/-. Anything above that, you can start a bank account and deposit into it.
                Reply
                1. T
                  truthprevails
                  Nov 17, 2016 at 3:42 pm
                  Reply
                  1. Z
                    Zubin Gani
                    Nov 17, 2016 at 11:46 am
                    It is v v hard to trust FM, PM, RBI Govnor, They keep on changing notes changing. I am a normal worker, always keeping 15 to 20 thousand rupees for my and family monthly expenses. The sudden change of events, seems, I will get only 2000 rupees and rest is waste paper. How can the gov do this.? I dont have black money.lt;br/gt;Oh Lord save me and others.
                    Reply
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