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PM Narendra Modi’s Take on Black Money: Reserve Bank of India (RBI) to launch new Rs 500 and Rs 2,000 Notes from November 10

RBI will launch new currency notes from November 10

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Reserve Bank of India, Wikimedia Commons
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New Delhi, November 8, 2016: Expressing concern over the circulation of fake currency notes, Reserve Bank of India Governor Urjit Patel on Tuesday said the apex bank will launch new Rs 500 and Rs 2,000 currency notes from November 10.

“RBI will launch new currency notes from November 10,” Economic Affairs Secretary Shaktikanta Das said while unveiling the new notes.

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Both Patel and Das were briefing media after Prime Minister Narendra Modi in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.

“Banks will keep record of people who will come to exchange cash,” Das added. (IANS)

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PNB says no “cash shortage” in its ATMs

Finance Minister Arun Jaitley sought to allay fears amidst reports of a cash crunch and empty ATMs in the country

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PNB: No cash shortage in ATMs. Wikimedia Commons

State-run Punjab National Bank (PNB) on Wednesday said there is no “cash shortage in its ATMs across the country.

“Overall, Punjab National Bank has not faced any cash shortage in its ATMs across the country and continue to function as usual,” the state-run lender said in a statement. “Out of 9,679 PNB ATMs, there is a 90 per cent availability of ATMs which is normal.”

PNB denies claims of cash shortage.

On Tuesday, Finance Minister Arun Jaitley sought to allay fears amidst reports of a cash crunch and empty ATMs in the country by stating that “there is more than adequate currency in circulation”, even as the government blamed “unusual demand” for shortages in some areas.

Also Read: PNB scam: Additional Rs 1,300 cr fraud revealed

Besides, the central government announced that it has decided to increase printing of Rs 500 notes by five times. In addition, the Reserve Bank of India (RBI) said that it is “taking steps to move currency to areas” which have witnessed unusually large cash withdrawals.

“The shortage may be felt in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway. RBI is closely monitoring both these aspects,” the RBI had said in a statement on Tuesday. “Further, as a matter of abundant precaution, RBI is also taking steps to move currency to areas which are witnessing unusually large cash withdrawals.” IANS

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