Small denomination notes crisis hits city

By Our Reporter

SHILLONG, NOV 14: The queues and crowd may somewhat have lessen in the banks and ATMs across the state, but the public continues to suffers as most of the banks and ATMs are disbursing only the new Rs 2000 notes triggering a crisis for smaller denomination notes.

Inevitably, the public continues to face the crisis if they want to buy essential and other commodities   as most of the shops refused to accept Rs 2000 notes with a plea that they don’t have change. However, most of shops are willing to give the customers what they want to buy if the latter is ready to spend seventy-five percent of more of the Rs 2000.

During a review with the RBI, banks and postal department in the state, Meghalaya chief secretary KS Kropha promised that the state government will  take up the issue with the Government of India to ensure that the smaller denomination notes are sufficiently available so that the public does not face any hardship.

Kropha held a meeting with the officers of RBI, banks and the postal department on Monday to review the position of remittance/funds received by various banks in the state and the measures they are taking to ensure adequate availability of money in the state for smooth functioning of the economy.

RBI and the bankers informed that the state has received adequate amount in the denomination of rupee 2000 notes.. The banks also informed that the pressure at the exchange counters has eased substantially and the situation should stabilize over the next few days.

They also assured that they will try to keep maximum number of ATMs functional.

The post master general has also been advised to utilize the existing network of 68 numbers of sub offices in the state particularly to cater to the rural areas. SBI was advised to ensure adequate availability of funds to the department of Post for the purpose.

Kropha also advised the banks to explore the possibility of having Mobile Units for distribution/exchange of money. The banks were asked to tie up with the Office of the Deputy Commissioner(s) for disbursement/ exchange of money in the rural areas especially on the market days. He promised adequate security will be provided to the banks for the purpose by the state govt.

Kropha informed that the state government is taking all possible measures to ensure that the public is not put to any inconvenience during this transition period of the demonetization of Rs 500 and Rs 1000.