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Spanking new 500 notes to flood State
There is a ray of hope for Telangana as it is likely to get big relief from the present currency crisis as the RBI has agreed to supply new Rs 500 currency notes considerably in two or three days.
EASING CASH CRUNCH
Hyderabad: There is a ray of hope for Telangana as it is likely to get big relief from the present currency crisis as the RBI has agreed to supply new Rs 500 currency notes considerably in two or three days. Top sources in Finance Department told The Hans India that the maximum number of ATMs run by public sector banks will also start functioning from Monday.
The sources said on the request of the government, Reserve Bank would stop the supply of Rs 2,000 notes and distribute only Rs 500 notes to Telangana in the next instalment of the release of nearly Rs 2,000 crore. The government’s continuous persuasion with Reserve Bank was yielding results.
The bankers’ bank had accepted to supply Rs 500 notes in view of the plight being faced by people with the high denomination of Rs 2,000 notes in the market. Banks were already instructed to recalibrate the ATMs ensuring distribution of new currency notes without any delay. SBI, SBH and Andhra Banks have made arrangements for the supply of Rs 500 notes through their ATMs.
Officials said that the supply of currency would be made available in urban areas first. Once the recalibration of ATMs in the rural areas is over, money would be pumped to meet the requirements in the villages. Government submitted a report on the requirement of money in each district to the RBI and the scheduled banks and requested the bankers to make available money which help to revive the commercial activity and also streamline the badly affected revenue generation.
Due to sudden collapse in the commercial activity, government incurred nearly Rs 2000 crore revenue loss since the enforcement of the demonetisation scheme on November 8 in the state. Bankers were also requested to provide loans to the farmers liberally in the ensuing Rabi season as the government released Rs 2100 crore for the second tranche amount of third installment under crop loan waiver scheme, officials said the finance department is also holding talks with banks for the distribution of loans to the farmers who possessed Kisan Credit Cards ( KCC). The cards would help the farmers to get instant loans for farming purpose during agricultural seasons.
By Patan Afzal Babu
