MUMBAI: Currency notes of the new Rs 500 denomination continues to be in short supply. Much of the new cash that banks are getting are in notes of Rs 2,000.
The continued cash shortage has led to rumours that the government has stalled printing because of glitches, but the Reserve Bank of India has assured that the supply of Rs 500 notes is on. In fact, printing has been more than doubled.
"The absence of the Rs 500 note in the system is reducing the acceptability of the higher value Rs 2,000 note. Without the Rs 500 note, not to mention Rs 100, customers are not able to get change for the highest denomination note. But lower value notes are not circulating," said an official with a private bank. More notes of Rs 500 would also ease the pressure on ATMs.
Last week, there were several instances where the new Rs 500 notes were found to vary from one another. The difference in printing led to fears that some of them might be fakes. But the RBI clarified that some notes may have been released with printing defects, but they continue to be legal tender.
Prior to demonetisation, over 1,660 crore pieces of Rs 500 notes were in circulation, representing nearly Rs 8.3 lakh crore of total currency in circulation. Bankers say that now, less than Rs 2,000 crore in new Rs 500 notes has come in.
Josyula Prakash Rao
people are more worried about Rs 2,000/ from ATMS,after standing in que for more than one hour,people are getting Rs2,000/, from ATMS,getting change for Rs 2,000/ is becoming a herculean task,we appeal to the RBI,banks and Government to stop loading Rs 2,000/ in the ATMs,pl arrange to supply smaller denomination notes, all most every trader is telling that adequate Rs 500/ and smaller currency notes are not available,hence they are not able to sell their products to the desired extent,they are able to sell hardly 40℅ of their products in comparison to the period prior demonization,
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Stop printing 2000 notes. Let all the four security presses print 500 and 100 notes. Also since most of the 1000 and 500 notes have come into the open, extend the validity till 31st March 2017 and get new ones printed by that time. Make the total amount deposited to any account up to 31st March 2017 as criterion for taxation.
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miss judgement of government of not printing enough lower denomination notes.
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Release of new 2000 currency was a clear mistake of the Government... We never wanted such high denomination... The act of printing such note looks Clear insult to the Poor... How many poor people of India may be able to keep 2000 notes in packet... The monthly salary of Indian Maids are below 2000 in almost all parts of the Nation... I request the government to scrap 2000 currency immediately...
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500 and 100 notes circulation to be maximum so that people can easily get change. further there is limit in atm withdrawal. hence no problem while taking from atm as well.
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RBI blunder, being unprepared.
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