RBI issued Rs 17,500 cr. new currency to TS

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Hyderabad: Union Minister of State for Labour & Employement Bandaru Dattatreya has said RBI had issued new currency worth Rs 17,500 crores to Telangana State.

Addressing the media at Provident Fund Commissioner’s office (EPFO) at Barkathpura here on Tuesday, the Union minister said a review meeting was held with high officials of RBI and lead banks of Andhra Pradesh and Telangana, Finance minister of Telangana and Chief Secretaries of Andhra Pradesh and Telangana at Hyderabad on Tuesday. Several issues that have arisen out of the demonetization were discussed at the meeting.

The Union minister further said that Telangana State is entitled to Rs 20,000 crores which is equivalent to 5 % of the GDP and that an amount of Rs 17,500 crores has been disbursed by the banks of the Telangana State. Rs 5000 crores new currency is required in smaller denominations immediately and it would come to Telangana State from RBI very soon. Rs 33,000 crores new currency was disbursed in Telangana and Andhra Pradesh.

He also said that the Government of Telangana welcomed the decision taken by Prime Minister Narendra Modi and the State government followed the guidelines and decision of Central government. The Union minister stated that several initiatives were already taken by the Labour and Employment Ministry to encourage workers in the unorganized sector to open bank accounts. Ministry of Labour and Employment has been organizing camps in collaboration with the Department of Banking and Finance Ministry, to open bank accounts for workers in the unorganized sector.

Presently, in the unorganized sector 3.28 lakh bank accounts were opened in both the States. In Andhra Pradesh, the total number of accounts is 2. 11 lakhs and in Telangana it is 1.17 Lakhs. Dattatreya said along with the State government of Telangana, he urged the Union government and Union Finance Minister Arun Jaitley to issue more lower denomination notes of Rs 10, Rs 20, Rs 50 and Rs 100 as this will be beneficial to the large number of workers and the common man. -NSS

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