MUMBAI: Currency nes of the new Rs 500 denomination continues to be in short supply. Much of the new cash that banks are getting are in nes of Rs 2,000.
The continued cash shortage has led to rumours that the go nment has stalled printing because of glitches, but the Reserve Bank of India has assured that the supply of Rs 500 nes is on. In fact, printing has been more than doubled.
"The absence of the Rs 500 ne in the sy em is reducing the acceptability of the higher value Rs 2,000 ne. Without the Rs 500 ne, not to mention Rs 100, customers are not able to get change for the highest denomination ne. But lower value nes are not circulating," said an offi al with a private bank. More nes of Rs 500 would also ease the pressure on ATMs.
Last week, there were several instances where the new Rs 500 nes 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 nes 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 nes 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 nes has come in.
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 Go nment to stop loading Rs 2,000/ in the ATMs,pl arrange to supply smaller denomination nes, all most every trader is telling that adequate Rs 500/ and smaller currency nes 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 nes. Let all the four security presses print 500 and 100 nes. Also since most of the 1000 and 500 nes 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 go nment of not printing enough lower denomination nes.
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Release of new 2000 currency was a clear mistake of the Go nment... We never wanted such high denomination... The act of printing such ne looks Clear insult to the Poor... How many poor people of India may be able to keep 2000 nes in packet... The monthly sry of Indian Maids are below 2000 in almost all parts of the Nation... I request the go nment to scrap 2000 currency immediately...
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500 and 100 nes circulation to be mamum 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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