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  • Category: Central Government

    Scarcity of new notes annoys poor and middle class people

    Narendra Modi's exploration of new notes in this decade makes a new revolution in the economy of India. But, in reality, most of the people related to poor and middle class people who are frustrated by this sudden change. They face money lacking problems even they approach ATM or Bank. On the other hand, big notes such 2000 notes for which there is no availability of change.

    Ban on 500 and 1000 rupees annoys the most the poor and middle class persons in such a way that they could not pay monthly expenses such as rent, milk and electricity etc., Most of the people criticises the decision of the government for not available of new notes. They get frustrated by the scarcity of new notes.
  • #585412
    Yes scarcity of 100 to 5 rupees notes is the big problems we are facing on daily basis and that is why this government is advocating cash less transactions. In India we are all habituated to deal with cash and suddenly we cannot shift our habit. It will take at least 1 year from now to inculcate the habit of cash less transactions. The shop owners who are having small change in the cash box and not willing to part for their exigencies in future. This way every one is now hoarding smaller cash denominations and the RBI must immediately plunge into action.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585430
    Till today, it is impossible to get money more than 4000 through bank or ATM. Till today, I have not paid the rent for this month due to scarcity of money. Most of my monthly expenses are in pending. P.M. has to show the pavement for the solution of this problem.

  • #585440
    Yes every one of us are facing the cash crunch. The Kirana shop fellow is demanding cash only, the milk man and the cable tv fellow has to be settled with cash. So cash crunch is hitting hard.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585443
    Today I withdrew Rs. 24,000 from my account in ICICI bank without any hassles.
    Let us encourage each other in sharing knowledge.

  • #585516
    I cannot generalise. But from my moving around my town, I find that things have eased up. I had withdrawn once an amount of 24000. But I did not get the choice of notes I wanted. Half of it came in 2000 denomination. The cashier told me that it is 'rationed'. I had paid my insurance premium, telephone bill online. I want to buy monthly provision in another couple of days and hope that the swipe machine in the departmental store(where I usually do that shopping) will work properly.

    Milkman is paid. Now I need money as notes and coins for periodical purchase of vegetables and other small item purchase. I may have to pay the electricity bill in cash or I may pay online if the charge is minimal or nil.

    Yes there is a real problem that people are not remitting small denomination notes to banks. People are afraid of not getting replacements in case they need. That affects circulation. This will ease only after the 100 and 500 rupee notes are supplied by RBI and banks and arrives in market in sufficient numbers.
    The government should right away start implementing e payment of bills in all utilities and revenue collection areas. At east those who want, will use that ,and that will help things to some extent. In states like Kerala which are well banked this can be started right away.

  • #585519
    Last week I withdrew Rs. 9000/- from State Bank of Patiala. Only two persons were standing in front of me in the queue. Tomorrow again I will withdraw money.
    Caution: Explosive. Handle with care.

  • #585522
    It seems not every bank is getting their quota from the Reserve Bank on daily basis. I am finding long queues before SBI and SBH branches and no body before Oriental Bank of Commerce, Bank of India, Bank of Baroda, Syndicate Bank etc. All these banks are suppose to be governed banks and they should also get the new currencies for the disbursement to the their account holders. It seems these branches are simply asking the customers to use the e options for the payments and thus indulging in book transfers instead of real time giving of cash at the cash counters.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease


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