Rs 500, Rs 1,000 ban: RBI says enough cash available, urges customers to be patient
The RBI has appealed to the public to be patient and urged them to exchange their old notes at their convenience, any time before 30 December 2016
Allaying fears of the customers about any decline in currency shortage, the Reserve Bank of India has issued a statement saying it has made arrangements to distribute new notes Rs 2,000 and other denominations across the country.
"There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016," the RBI said in the statement.
After the government on 8 November announced its decision to ban the use of Rs 500 and Rs 1,000 currency notes, there have been chaos, confusion and panic among customers. The banks remained shut on Wednesday and the ATMs were shut on Wednesday and Thursday. The government had said that the ATMs will be functional from Friday but there there are complaints that most of the ATMs do not yet have cash.
The central bank's assurance comes in this wake.
However, the RBI has cautioned that it may take a while for the banks to recalibrate their ATMs. "...Once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of Rs 2,000 per card per day up to November 18, 2016; and after that withdraw up to Rs 4000 per day per card," the statement said.
It also said that several ATMs have started functioning from this morning as the banks could complete recalibration of these machines to allow withdrawals up to Rs 2,000 to begin with.
The facility for exchanging the withdrawn denominations of Rs 500 and Rs 1,000 is available for nearly 50 days.
The RBI has appealed to the public to be patient and urged them to exchange their old notes at their convenience, any time before 30 December 2016.
Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply
The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday
DHFL was the first finance company to be referred to NCLT by the RBI using special powers under Section 227 of the IBC. The company owes Rs 87,031 crore to financial creditors
ICRA principal economist Aditi Nayar said a deeper disinflation in primary food articles helped to cushion the impact of the sharp rise in core inflation, which reached a 27-month high of 5.1 percent in January