Bank ATMs starts dispensing more of Rs 500 instead of Rs 2,000
New Delhi: Banks have started dispensing more of Rs 500 notes instead of Rs 2,000 denomination notes, a move seen as gradual phasing out of the high denomination currency.
The Reserve Bank of India (RBI) in an RTI response last year had said that the central bank had stopped printing Rs 2,000 denomination currency notes.
Although there has been no dictate from the Finance Ministry, banks on their own have decided to fill their ATMs with smaller denomination notes for the convenience of customers, sources said.
Some banks have already started recaliberation of their ATMs and other banks will also follow the suit, sources said. State-owned Indian Bank has already announced that its has decided to stop using Rs 2,000 notes in their ATMs.
Getting change for a Rs 2,000 note is an issues, keeping that in mind some banks have stopped using Rs 2,000 notes in their ATMs. According to the RBI's RTI reply, 3,542.991 million notes of Rs 2,000 denomination were printed during 2016-17.
However, 2017-18 saw a substantial reduction in printing and only 111.507 million notes were produced, which further reduced to 46.690 million notes in 2018-19.
This indicates that while these high denomination notes would continue to be a legal tender but will be phased out eventually.
The move is seen as an attempt to prevent hoarding of the high-value currency and thus, curb black money. The government had in November 2016 demonetised Rs 1,000 and Rs 500 denominations notes.
Replying to a question in Parliament, Minister of State for Finance Anurag Singh Thakur in December said there is no proposal to withdraw Rs 2,000 denomination notes.
"This is the real worry (about demonetisation) which has surfaced now. I think that you should not worry about it," Thakur told the Rajya Sabha while replying to a question whether the government was planning to withdraw Rs 2,000 notes in future.
According to the reply, notes in circulation (NIC) as on November 4, 2016 were Rs 17,74,187 crore which have now increased to Rs 22,35,648 crore as on December 2, 2019.
The NIC had grown at an average growth rate of 14.51 per cent year on year wise since October 2014 till October 2016.
At this rate, NIC would have increased to Rs 25,40,253 crore as on December 2, 2019.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Mann has 'understanding' with Amit Shah to split AAP after Lok Sabha polls, claims SAD chief Badal
Sangrur (Punjab), May 11: Chief Minister Bhagwant Mann has an "understanding" with Union Home Minister Amit Shah to split AAP into a separate Punjab unit after the elections, like Shiv Sena's Eknath Shinde did in Maharashtra, SAD chief Sukhbir Singh Badal claimed on Saturday.
Badal made the claim while addressing rallies at Sunam and Dhuri for the Shiromani Akali Dal's (SAD) Sangrur candidate Iqbal Singh Jhundan.
"Bhagwant Mann has compromised with the BJP as he felt he would also be arrested like his boss (Arvind) Kejriwal because he had also perpetrated the same liquor scam as done by AAP in Delhi. This understanding has saved him from arrest," Badal alleged.
Shiv Sena leader Shinde became Maharashtra chief minister after parting ways with Uddhav Thackeray and forming an alliance with the BJP.
The Election Commission of India has since recognised the Shinde faction as officially representing the Shiv Sena while the Thackeray-led faction has been using the Shiv Sena (Uddhav Balasaheb Thackeray) name.
The Shiromani Akali Dal chief also asserted that no Delhi-based party can be trusted with votes.
"Bhagwant Mann has opened channels with both the BJP and the Congress to hedge his bet. While he has an informal understanding with the BJP, he has also aligned with the Congress in Punjab and is putting up a friendly fight in most constituencies," Badal said.
He cited how AAP is contesting against the Congress in Punjab but Mann has been campaigning for the grand old party in Chandigarh and Haryana.
AAP and the Congress are constituents of the opposition INDIA bloc. While the two parties are contesting the Lok Sabha elections independently in Punjab, they have an alliance in Delhi, Gujarat, Haryana and Chandigarh.
Urging Punjabis to "seal the borders" for all Delhi-based parties, Badal said, "The AAP government in Punjab and the Union government colluded to prevent our farmers from marching to Delhi. This led to firing of tear gas shells at our farmers and even firing of rubber bullets. Now it is your turn to seal the borders of Punjab with your votes."
He also made a case for trusting the Shiromani Akali Dal -- a home-grown party of Punjab.
Badal said the Shiromani Akali Dal has always stood for safeguarding the interests of Punjab and decided to contest the Lok Sabha elections alone when it became clear that the BJP was not ready to resolve any of the pending grievances of the farmers or the Sikh community.
He also announced that once the Shiromani Akali Dal is elected to power, it will release tubewell connections to all agriculturists who do not have a single connection in their name.
He also promised that all social welfare schemes that have been curtailed by successive Congress and AAP governments would be revived in totality.
