It seems that the Reserve Bank of India (RBI) has realised that uncertainty making people fear to spend new notes whatever they could get and keeping `safe’ for want of emergency needs. Sensing that such acts are multiplying prevailing cash scarcity and today came out requesting the people not to hoard currency notes.
RBI Deputy Governor R S Gandhi requested people to use currency notes than hoarding them since in the month. According to him, between November 10 and December 10, 2016, banks have issued currency notes worth 4.61 lakh crore rupees over their counters and through their ATM’s. Probably, he may be fearing that panic public may not putting this money also in circulation.
He said that old notes of 500 rupees and 1000 rupees that have been returned to the RBI and the currency chests is worth 12.44 Lakh crores rupees. Gandhi said that the RBI has issued 21.8 billion pieces of notes of various denominations of which 20.1 billion pieces are of denominations of 10s , 20s, 50s and 100s and 1.7 billion pieces for denominations of 500s and 2000s.
Deputy Governor of RBI S S Mundra said that in the operation of this size there are always elements who would behave otherwise but assured that the RBI is on a constant vigil. He informed that banks have been provided with elaborate instructions to do the central data checking to contain any inconsistency. RBI and its team is also coordinating with the various investigating agencies.
