.................................... (Associate Member of National Federation of Postal Employees) .................,............
.... An organisation born with the ideals of Trade Union democracy and Unity & United struggle for the emancipation of GDS.....
Review of the Govt on supply & availability of Currency notes - 15-11-16
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Ministry of Finance15-November,
2016 19:27 IST
The Prime Minister Shri Narendra
Modi reviewed the position for the second consecutive day yesterday regarding
the smooth supply and availability of currency notes; Among major decisions
taken during the Meeting include to continue to give highest importance to
ensure convenience for the public;
Use of Indelible ink for over the
counter exchange against old Rs.500/- and Rs.1000/- notes;
Arrangements to make
available adequate cash to the Postal Department for their use including the
branch Post Offices.
The Prime Minister Shri Narendra
Modi reviewed the position with regard to supply and availability of currency
notes for the second consecutive day yesterday (14.11.2016) late evening. The
Meeting, which went on till about midnight, was attended among others by the
Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, Minister
of State (Independent Charge) for Coal & Power, Shri Piyush Goyal,
Principal Secretary to the Prime Minister Shri Nripendra Misra and Additional
Principal Secretary to the Prime Minister, Dr. P.K.Mishra, Cabinet Secretary,
Shri P.K.Sinha, Governor, RBI, Dr. Urjit R Patel, Secretaries from the Finance
Ministry and other officials from PMO. A detailed review was made with regard
to the steps that have been taken for smooth distribution and dispensing of
cash through various channels of disbursement.
After detailed discussions, the
following decisions were taken:
1. Highest importance should
continue to be given to ensure convenience for the public. Effort should be made
to avoid long queues in Bank branches, ATMs, etc. Already separate queues for
senior citizens, divyang persons etc. have been announced. The drawing limits
against Bank Accounts and from ATMs and over the cash disbursement have also
been increased. It was noted that one of the primary reasons for long queues
was that the same persons were visiting Bank branches, ATMs etc. repeatedly. It
was also noted that certain unscrupulous elements are using the services of
poor and innocent people to convert their black money into white.
To prevent such misuse of the
facility and enable larger number of persons to draw cash, indelible ink used
during elections shall be used for over the counter exchange against old
Rs.500/- and Rs.1000/- notes. This is not applicable in the case of withdrawal
from or deposit into accounts.
Cash disbursement points,
especially Bank branches will be advised to put-up notices outside their
branches advising people to avoid exchange of old notes over the counter
2. Already instructions have been
issued permitting District Central Cooperative Banks (DCCBs) for cash
withdrawal from existing accounts, subject to limits applicable in the case of
Banks. Arrangements have been made to enhance the availability of cash with the
3. Arrangements have been made to
make available adequate cash to the Postal Department for their use including
the branch Post Offices. There are 1.3 lakh branch Post Offices having wide
coverage in the rural areas. Availability of adequate cash with the branch Post
Offices will ensure wider coverage of the rural areas.
4. Contributions are made in
hundis and separate boxes in places of worship. Such establishments have their
accounts with the Bank branches. Bank branches have been advised to approach
the concerned authorities in these establishments to obtain the currency notes,
especially of lower denomination and put them back into circulation. This will
help in improving the circulation of lower denomination currency notes.
5. Information has been received
that there is sudden spurt in the quantum of deposits in several Jan Dhan
Accounts. There are also reports of unscrupulous elements using Jan Dhan
Accounts of poor and innocent persons to convert their black money into white.
Such spurt in deposits will be looked into closely. Jan Dhan Account holders
are requested not to allow their accounts to be misused by anyone. Further, it
is also clarified that Jan Dhan Account holders will not be put to any kind of
inconvenience for carrying-out their legitimate activities.
6. Old Rs.500/- and Rs.1000/-
notes are accumulating in Post Offices and Bank branches. Special efforts will
be made to shift such notes and create space in the Post Offices and Bank
branches to receive new notes.
7. A high level Task Force
consisting of representatives from various agencies is being set-up to monitor
movement/receipt of fake notes in vulnerable areas. This Task Force will also
take special efforts to monitor black money being deposited into Bank/Postal Accounts,
especially under fictitious and other names.
8. A technology team is being
set-up to popularize the use of e-wallets.
9. Government is closely
monitoring the supply of essential commodities.
10. A coordination group chaired
by the Cabinet Secretary and including representatives of various Departments
and major Banks is holding regular meetings to monitor the implementation of
all the steps.