Don’t hoard cash: RBI assures public it has enough money available at banks after demonetisation
The top bank said there was no need for people to be ‘anxious’ and withdraw money repeatedly.
The Reserve Bank of India on Sunday asked the public not to withdraw and hoard cash in small denominations, after the Centre demonetised Rs 500 and Rs 1,000 currency notes. The top bank issued a statement in which it said that cash was available and that the public did not need to be anxious and “come over to banks repeatedly” to withdraw and hoard money.
This came soon after the Nashik press began dispatching new Rs 500 notes to the RBI, according to The Times of India. “The Currency Note Press has already sent the first consignment of five million pieces of the new Rs 500 note and another five million pieces are to be dispatched by Wednesday,” an official told the publication.
Prime Minister Narendra Modi had announced on November 8 that as of midnight that night, Rs 500 and Rs 1,000 notes would be illegal tender, and that it was a significant move against black money and counterfeit currency. After banks opened on Thursday, millions of people queued up to withdraw new currency notes and exchange old money for bills that will now be accepted. Several critics, including the Opposition, have pointed out the massive inconvenience the move caused the common man.
On Saturday, Finance Minister Arun Jaitley had announced that it would take two or three more weeks for ATMs to recalibrate and issue fresh currency notes.