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  • Category: India

    Problems on cancelling new notes to poor and middle class people

    People related to poor and middle class people gets frustration for not available of currency. Central government forces people to turn the side of plastic currency. But, people does not have the knowledge to use plastic currency. Government also lacks the control on new notes because some crores of new notes are being available to realtors and business people from the side of bankers and the staff of postal department. As a result, people faces the deficiency of money daily in banks and ATMs.

    When this problem could be eradicated? wait and see.
  • #585573
    Government has done a brave act for eradication of black money from the Indian Economy. It is beleived that black money constitutes a major chunk of transactions in India. The action of Government is praiseworthy but in its implication the poor and illiterate are suffering in their day to day life because these people are not having exposure to the banks and can not fill even the simplest forms like bank slips etc. It is only the sweeping wave of nationalistic feeling that they are holding their anger with patience. Their daily income has dwindled as the cash handling and cash paying capacity of all the employers (specially the small ones) has come down drastically.
    This scenario can only be reversed by large supply of new cash which does not seem happening in the near future. Bank, Credit Card, Debit Card, PayTM are remote nomenclatures for poor and illiterate persons who constitute a major percentage of our population.
    The situation may improve in long run when Government may utilize the acquired money in new projects and create new job for some of these people.

    Knowledge is power.

  • #585578
    You are correct friend. Some commission agents who are doing fraud activities by distributing small notes to needy people on commission basis. This one happens in the cities and towns. At initial stages of cancellation of old notes, labour people have no work due to lack of currency. Now, with big notes, they are in crisis that how to use it. For that they are going behind commission agents. What a pity life it is!

  • #585589
    One month has been passed. The RBI says there is no dearth for cash. People deposited all their possession of old notes with a trust that next day they would be allowed to withdraw without any question. But slowly sanctions have been imposed at the ground level. I think even PM and FM are not aware of the tricks being used by the bank staff by displaying no cash boards and doing the dealing after 6 pm so that no one would know the dealings going on inside. The main gate of the bank is locked and the clandestine dealings goes on till 8 pm. Sincere depositor has been made to run pillar to post searching for cash filled ATM and that goes in vain. TTD member has got hold of 100 crore of new 2000 notes. Who has obliged him. Which branch at Tirumala facilitated this transaction when a common man is starving for money on daily basis ?
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585609
    Mohan sir, you are correct. Mainly, bank staff are giving chances to rich people by surrendering to them to give huge amounts of money neglecting the limits stipulated by RBI. Still now, officers have been arrested for having huge amount of money which was not shown as white money.

  • #585612
    Today I received a post in my whatsapp inbox. I am not sure whther the dat given is correct or not. But connecting certain other news reports, I feel compelled to believe the data.
    It said that in Tamil Ndu, 3 new generation private banks which have atotal of 872 branches got 6100 crore rupees new currency from RBI , and the public sector banks havinga total of 9000 branches received only 7800 crores, That is three new generation private banks got 7.5 crores per branch of them while the PSB banks got just 85 lakhs per branch.
    During the initial days of demonetisation, I read similar doubts voiced by the managers in Public sector banks in Kerala also.
    If it is fact,rest you can imagine. That can probably explain the findings of new currency accumulation of huge amounts , while the general public struggles even no and gets angry with the public sector banks.

  • #585617
    Mr. Venkiteswaran: If the information is authentic, it is a matter of grave concern. Coupled with this information, please consider the fact that in the Chandni Chowk Branch of Axis Bank, forty-four fake accounts have been identified which have a total deposit Rs. 100 crores. It seems that private banks have been indulging in a dirty business post de-monetisation.
    Caution: Explosive. Handle with care.

  • #585618
    What I understand that the private banks are not giving full information to the RBI regarding their customers accounts with them. Those who are having more black money they are operating accounts with concealed account which is not reflected to RBI . And when money routed through that accounts, the RBI cannot detect any fraud, This way many rich and affluent persons are not even having the pinch of problem when common man standing on the queue and they wont stand in the queue. The big amounts are parked in unknown without account number accounts which benefits the private banks to earn by giving loans to others.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585628
    Yes sir, yesterday, Shekhar reddy, TTD member who on way out is related to the category mentioned the accounts of such private banks. Government has to think that privatisation of banks may lead such problems that they can hide the account details black money holders.
    To eradicate such fraud activities, government has to tight the nuts to all sides of financial boundary to prevent the escapism of black money holders. Today, in the newspaper, finding that on November 8th night, nearly tonnes of gold was sold for that government has given notices to jewellery shops after careful observation of their sells.


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