Rajat Sharma

People supporting demonetization, but facing cash crunch

The only silver lining in the current demonetization scenario across India is from Bihar, where cash is available at most of the ATMs and there are fewer queues. People of India had been supporting Prime Minister Narendra Modi’s demonetization move, but even after 34 days they are facing cash crunch in most of the cities and towns. The RBI had sent adequate amount of new currency notes to the banks, but all of it, did not reach the common people, standing in queues at banks and ATMs. Due to the three-day break in bank work due to holidays, the situation had become acute. It would have been better if other chief ministers had followed the Bihar CM in asking banks to keep open on holidays. In another interesting fact, Rs 242 crore in new currency notes have so far been seized since November 8. This seized cash could have filled at least 141 ATMs across the country. The decision of government to set up a task force headed by a CBI officer to probe all currency seizures is thus welcome.

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