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Old Rs 100 Notes Deepens Cash Crunch
By: Tupaki Desk | 8 May 2018 4:16 PM GMT
Bankers express the fear that cash crunch situation in the country may deepen as most of the Rs 100 rupee notes in circulation aren't suitable for dispensing through ATMs.
An appeal was made to Reserve Bank Of India (RBI) by the Bankers to address the issue before it's too late. They asked the Central Bank to print more number of new Rs 100 denomination notes or else even existing Rs 500 won't be sufficient for circulation.
During demonetisation, RBI permitted usage of soiled Rs 100 notes in big quantity. Handling these notes became a tough challenge as days passed just because they are in a bad condition.
RBI disposed 2,586 million pieces of Rs 100 notes in fiscal 2016-17. This increased the circulation of Rs 100 notes by 19.3 percent.
An appeal was made to Reserve Bank Of India (RBI) by the Bankers to address the issue before it's too late. They asked the Central Bank to print more number of new Rs 100 denomination notes or else even existing Rs 500 won't be sufficient for circulation.
During demonetisation, RBI permitted usage of soiled Rs 100 notes in big quantity. Handling these notes became a tough challenge as days passed just because they are in a bad condition.
RBI disposed 2,586 million pieces of Rs 100 notes in fiscal 2016-17. This increased the circulation of Rs 100 notes by 19.3 percent.
