Banks Seek “Godly Support” for Smaller Currency Notes!

HYDERABAD: The Union government, after having unleashed an unprecedented hardship on the people by demonetizing the higher denomination currency, is now seeking the help of God Almighty to wriggle out of the crisis of its own making!

Now even the banks are feeling the pinch due to acute shortage of smaller denomination currency notes. Though the banks are dispersing the Rs 2000 denomination notes, people are insisting for smaller denomination notes in view of the refusal of shopkeepers, vegetable vendors and other small traders insisting for smaller currency. Petrol bunks, medical stores and also some eating joints are insisting for smaller denomination notes though the customers were making payments with new big notes. As a result, those exchanging old notes with new ones and also those withdrawing cash from their accounts are demanding the banks for smaller denomination notes.

Thus the banks are now faced with an unusual problem for want of smaller notes of Rs 100, 50, 20 and 10 denominations. Their problem was compounded further by the non-release of Rs 500 denomination new currency notes by the RBI. Now the banks seem to be depending on God to come to their rescue for supply of smaller denomination notes! This was evident from the announcement of the Economic Affairs Secretary Shaktikant Das on Tuesday that they were now seeking the help of the temples for smaller denomination notes. Since the devotees usually make offerings with smaller notes, the temple hundis would be filled with these notes.

Thus as a last resort to come out of the crisis for want of smaller denomination notes, the temples are being approached to deposit their day-to-day hundi collections to the nearest bank as far as possible. “Since the temple hundis would be having large quantities of smaller notes, we hope the problem for want of smaller notes could be to some extent solved”, the Economic Affairs Secretary said.

Meanwhile, the queues before the banks are growing bigger and bigger each day, thanks to the Central government’s “magnanimity” in extending till November 24 for exchanging the demonetized Rs 500 and 1000 notes. Thanks to unscrupulous methods being employed by racketeers and touts for depositing and exchanging old notes, legitimate depositors and genuine persons wanting to withdraw money were put to unabated hardships. As a matter of fact, those engaged in “multiple” exchanges or withdrawals are more in number than genuine persons in the queues at the banks and ATMs.

Realizing the fraudulent methods being adopted by unscrupulous elements leading to multiple deposits and withdrawals, the banks have now started using indelible inks to mark the forefingers like during elections. 

-NSS

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