Enough Cash with Banks?
TWO Rajya Sabha Members asked the following questions:
(a) whether Government would ensure printing of Rs. 100 notes and making them available in adequate quantity for circulation in view of demonetisation of old Rs. 500 Rs. 1000 currency notes, if so, details thereof;
(b) the amount of money, and the number of pieces each, in respect of denominations Rs. 1000 and Rs. 500 that had been made non-legal tender;
(c) whether Government made proper arrangements for the convenience of public, in view of sudden demonetisation and closure of Banks and ATMs for two days, if so, details thereof; and
(d) whether 30th December deadline would be extended?
The Minister of State for Finance Mr. Arjun Ram Meghwal, yesterday answered the questions in the Rajya Sabha yesterday:
(a) to (d): There is sufficient cash available with the Reserve Bank of India (RBI) and the Banks. Circulation of notes in respect of Rs. 100 has already been increased. Further to cater to the requirement of rural areas, Banks have been advised to supply notes of smaller denominations (Rs. 100 and less). As on November 8, 2016 there were 17165 million pieces of Rs. 500 and 6858 million pieces of Rs. 1000 in circulation. The arrangements made for the convenience of the public are available at finmin.nic.in. No such proposal for extension of deadline beyond 30th December, 2016 is presently under consideration of the Government.
Yesterday I called up my bank manager and enquired if I could withdraw some cash. He told me that as I am a special customer, he could give me ten thousand rupees - there was no cash in the bank!