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City still reeling under cash shortage even as 50-day deadline closes in

gurgaon Updated: Dec 27, 2016 23:20 IST
Rashpal Singh

Residents continue to feel the pinch as ATMs continue to run dry.(Parveen Kumar/HT File)

Cash supply has not improved in Gurgaon, even as the deadline of 50 days set by the Centre to restore normalcy is here.

Due to the shortage, banks are resorting to rationing the notes to cater to the maximum number of customers queuing outside their premises.

Senior bank officials said that the supply of new currency is likely to remain slow for the next two to three months.

Banks in Gurgaon have been supplied ₹4,490 crore from November 9 to December 26 by the Reserve Bank of India and currency chests. Banks are estimated to have dispensed more than ₹6,500 crore as the currency chests were already in possession of cash prior to the demonetisation move. Six banks have their currency chests in Gurgaon.

“The shortage of cash is persisting but the banks are managing the situation by rationing the withdrawal limits. Banks have been demanding increased inflow of currency but it is not likely for a few months,” Ramesh Chandra Nayak, lead bank manager for the district, said.

A majority of the ATMs are still running dry and residents are apprehensive about the situation.

“There are several banks where there are no queues, but that is because they say they are out of cash. It seems that bank officials are forcing customers to return empty-handed despite having currency with them,” Savita Khanna, a teacher waiting to get money from a private bank in Civil Lines, said.

The Opposition leaders condemned the demonetisation move on Tuesday. Ajay Yadav, former minister and Congress leader, said that the decision has not been kind towards farmers. “Farmers are forced to sell potatoes at ₹1 (per kg), tomatoes at ₹2 (per kg) and gooseberry as ₹3 (per kg) in the markets. They are throwing away their produce, as the market rates are not covering their production costs,” Yadav said at the district Congress office in Kaman Sarai.

TL Satyaprakash, the commissioner of the Municipal Corporation of Gurgaon (MCG), said the focus is now on cashless transactions. He said the corporation is accepting only cashless payment of taxes, bills and other charges, through point-of-sale machines.