Press Information Bureau
Government of India
Ministry of Finance
12-November-2016 20:42 IST
Availability of cash with Bank branches and Post Offices
Ministry of Finance has reviewed and taken stock of the cash availability and issuance to members of public today. Reserve Bank of India (RBI), Indian Banks Association (IBA) and a few major banks participated in the review meeting.
A total of over 7 crore transactions have taken place from 9th November upto mid-day of 12th November (i.e. in the last two and a half days) for deposit, exchange of old notes and withdrawal from ATM and over the counter. Old notes of.Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been deposited to banks.
Out of 2 lakh ATMs, about 1.2 lakh are operational. Presently only Rs.100/- notes are being disbursed from the ATMs. Recalibration (requires both software and hardware changes) of ATMs is going on, which will be completed by end of this month/ early December. Other denominations will then be disbursed by ATMs.
There is sufficient cash available with RBI and Banks. They were advised step up the supply of cash to the public.
The availability of cash and issuance of cash to bank branches and Post Offices on a daily basis is being constantly monitored and necessary rebalancing being done for more efficient allocation of banknotes of requisite denominations between different areas. To cater to the requirement of rural areas, Banks were advised to supply notes of smaller denominations (Rs. 100 and less) as well as Rs. 10 coins.
2 lakh crores received in 3 days. Okay in this pace for 45 days if 30 lakh crores is received — RBI says 15 lakh crores legal money is in circulation. Then what is the implication? Let us pray God that Modiji’s noble attempt is not defeated.
CA.Prabhakar
Within 3 three days 2 lakh crores received . Well in this pace up to Dec 30th ie another 45 days or so the expected receipts may be around 30 lakh crores. Where as the RBI says it has got 15 lakh crores of legal money in circulation. Suppose by the end of Dec if the banks receive more than 30 lakhs crores ie., double of legal money in circulation what does it mean ? whether it has paid genuine new notes for illegal money? like Tuglaq has paid gold coins in exchange of leather coins. I pray God not to create that situation and safe guard Modiji’s noble purpose for the betterment of the nation. Otherwise it defeats the noble attempt made by Modiji for the sake of the nation.
CA.Prabhakar
I am in full support to our Prime Minister note scheme and remove all the almost black money from our country , If we use the plastic money (like Debit and credit card , paytm ) day to day expense the card should be accept in every shop and the cards transaction charges should be abolish . so every card holder can use . no need much cash in ballet .