NT NETWORK
PANAJI
Currency shortage in Goa, although acute, is being contradicted by the local office of the Reserve Bank of India (RBI), which says that the state has enough currency for its needs.
Sources within the RBI Goa office on Wednesday said that as the latest installment of currency released to banks is still undistributed, they have not asked for additional supply.
According to the sources, enough currency is supplied to all banks and they attributed the severe shortage to “hoarders of notes.” They said that currency needs of small and co-operative banks have been taken into account to ensure adequate supply to all.
“Previously, each currency-receiving bank was taking care of its own branch and ATM and refusing to give to others.” However, coordination has ensured equal distribution among banks, according to RBI-Goa.
On the other hand, several banks said that they continue to face scarcity of money and are at the receiving end of insults from customers. Banks said that they are forced to conserve currency for over-the-counter payment to accountholders. They said that they did not have enough currency for high-value withdrawals and, therefore, are curtailing funds to current accountholders. Banks also said that ATM machines cannot be filled due to shortage of notes.
According to information from RBI, Goa received Rs 1,074 crore of currency in three installments following demonetisation on November 8. The first installment was of Rs 200 crore, followed by Rs 174 crore in the second installment and Rs 700 crore in the latest installment on December 2.
The money was supplied to 13 currency chests owned by five banks in the state. Of the Rs 1,074 crore, the most desired currency of the new Rs 500 denomination was only in the amount of Rs 15 crore as “supply of the Rs 500 note is limited.”
Banks have collected 132 boxes of old Rs 1,000 and Rs 500 notes valued at approximately Rs 700 crore. The boxes have been lifted and sent to Mumbai.
Demonetisation completes a month on Thursday (Dec 8). The government suddenly announced it on November 8 by scrapping Rs 500 and Rs 1,000 notes.
On Wednesday, the RBI Governor, while announcing the credit policy, said that Rs four lakh crore comprising of notes of high denomination and Rs 19.1 billion comprising of lower denomination notes have been released until December 5. He said that supply of lower denomination notes in one month is more than a “year’s supply.” The Governor said that people are hoarding money as there is a continuous flow of currency in circulation. The local office of RBI also endorsed this view and said that residents are stockpiling new notes.