Demonetisation: Longer queues continue on 4th day, patience nears end

Grocery stores have no option but to refuse the goods as they don�t have small denominations.

Demonetisation: Longer queues continue on 4th day, patience nears end

The scenes of people queuing in front of ATMs and banks to withdraw and exchange cash continued on 4th day of currency demonetisation across the country. Banks have been witnessing unprecedented rush despite RBI’s appeal to people to not come over to banks repeatedly to draw and hoard cash as it is available when they need it.

Most of the ATMs have been reported to be running out of cash and only 60 per cent of ATMs got valid currency, according to a 

Times of India report. Out of 2 lakh ATMs in the country 1.2 lakh ATMs were left dry within few hours on Sunday morning, leaving people frustrated.

Those who have somehow managed to get freshly minted Rs 2000 notes from banks, after standing in queues for hours, are now dealing with herculean task of wrangling for change. Grocery stores have no option but  to refuse to give goods as they don’t have small denominations. According to reports of media agencies, people claim that there is not even single extra counter open in banks to help work get done faster, which  was promised by Finance Minister Arun Jaitley.

The Currency Note Press (CNP), Nashik, has reportedly dispatched fresh batches of newly printed Rs 500 notes to the Reserve Bank of India on Sunday. According to officials,  another dispatch of five million pieces will be sent on Wednesday.

The Rs 500 notes are being printed in two presses in Nashik and MP’s Dewas region. In addition, the RBI has also made arrangement for the notes to be printed at its two printing units in Mysore. The RBI aims to print 400 million pieces of the Rs 500 notes by the end of the financial year.

There were reports that several torn Rs 500 and Rs 1000 notes have been found near golf club in Kolkata. According to a report in the Hindustan Times, the demonetisation has led RBI into confusion over managing the ‘dead currency’. The dead cash, has to be stored temporarily, which is posing a huge problem for the banks. In Lucknow, most of the jewellers have kept their shops shut fearing income tax raids.