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Finance Ministry asks 1.5 lakh post offices to supply cash in villages

It has been said that the move was to ease the hardships the common people are facing in the wake of demonetisation
New Delhi: Joint Secretary (Budget) Ministry of Finance Shaktikanta Das addresses at the inaugural session of the 2nd Global Tax Summit organised by CII in New Delhi, on Dec 17, 2014. (Photo: Sunil Majumdar/IANS)

Economic Affairs Secretary Shaktikanta Das on Wednesday said that the government has directed 1.5 lakh post offices to supply cash in villages across the country. It has been said that the move was to ease the hardships the common people are facing in the wake of demonetisation.

“The new denomination notes has been made available in 1,55,000 post offices across the country to help rural people,” Economic Affairs Secretary said at a press conference in Delhi.

Das has announced that to benefit farmers NABARD (National Bank for Agriculture And Rural Development) has been asked to sanction around Rs 21,000 crores to rural areas. H added that this measure will help the  district cooperative banks to pass money to primary agricultural societies.

“NABARD and RBI has been advised to ensure adequate cash supply is available to the DCCBs,” Das told reporters.

“Finance Minister Arun Jaitley held video-conference call with NABARD & RBI and advised them to carry out whole chain of activities smoothly,” he added.

Das announced that to ensure that farmers get credit, the cooperative banks,NABARD, and RBI will make arrangements to make cash available to districts.

He said that there has been a sudden surge in demand for using digital financial transactions.”Public banks have said that there has been a surge in demand for usage of digital financial transactions,” Das added.

Service charge on online booking of railway tickets has also been waived off till December 31.

All government organisations have also been asked to use digital financial transactions to make payments to their employees, Das said.

Speaking on the recalibration of ATMs to dispense newly introduced Rs 2000 and Rs 500 notes, Das said 82,000 ATMs have been recalibrated so far. “Only a matter of few days all the ATMs will be re-calibrated,” he added.

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