Banks floating own rules, people annoyed | punjab$jalandhar | Hindustan Times
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Banks floating own rules, people annoyed

Scarcity of cash is prompting banks to make their own rules for withdrawal and exchange of money. The government has allowed withdrawal of money up to Rs 24,000 but the banks are only allowing withdrawal of Rs 5,000. 

punjab Updated: Nov 19, 2016 15:44 IST
Aakanksha N Bhardwaj
Rush for currency exchange at the main branch of State Bank of India in Jalandhar on Friday.
Rush for currency exchange at the main branch of State Bank of India in Jalandhar on Friday.(Pardeep Pandit/HT)

Scarcity of cash is prompting banks to make their own rules for withdrawal and exchange of money. The government has allowed withdrawal of money up to Rs 24,000 but the banks are only allowing withdrawal of Rs 5,000. 

DIFFERENT BANKS: DIFFERENT LIMITS

One of the bank employees pleading anonymity said, “What will we do in the absence of cash. The cash is not coming in abundance. Rs 3 lakh to Rs 5 lakh gets finished within few hours, we have no other option.” 

A customer Swaranjit Kaur said, “The government had announced that families with marriages lined up can withdraw Rs 2.5 lakh but where is the cash, they run out of money in an hour.” 

“People are unable to withdraw even Rs 24,000, the limit that has been set by the government because the bank managers are giving fewer amounts instead,” said Kaur. Most of the banks did not receive cash on Friday and were only depositing money. Oriental Bank of Commerce, Ladhowal road did not receive cash.

“It becomes difficult for us to tell them daily that there is no cash,” said an employee pleading anonymity.

The banks are running out of cash in just half an hour after getting cash leading to disappointment among the public. Most of the banks were also seen closed earlier than normal time as they also stopped deposition of money in garb of the excuse ‘no cash’. “There is no use of queuing up here, we have already suffered a lot, I really hope the so called government does something for us,” said Pankaj Kumar.

Banks directed to follow instructions regarding cash withdrawal for weddings

Deputy commissioner Kamal Kishor Yadav has directed the bank managers of the district to ensure implementation of Union government’s instructions regarding cash withdrawal for wedding. He made it clear that as per the fresh guidelines issued by the Central government, only PAN card and self declaration was required for a withdrawal of Rs 2.50 lakh cash for marriage. Also as per the instructions there is no need for any attested application by the deputy commissioner concerned or by any other authority in this regard.

“It has come to our notice that many banks are refusing or are unaware of the latest instruction of the government regarding withdrawal of cash for weddings,” said Yadav.  Besides this the banks are insisting on further documentation such as attestation or forwarding letter from the DC/SDM for case withdrawal, which is not mandated as per the guidelines, said Yadav. “The amount can be drawn by parents of the person getting married. The limit of Rs 2.5 lakh will apply separately for girl’s and boy’s family,” said Yadav.

Kapurthala DC orders banks to follow RBI rules

Deputy commissioner Gurlavleen Singh Sandhu ordered the banks in the district to make sure that no customer suffers while withdrawing and exchanging of the new currency. He asked the banks to open extra counters and follow the rules of Reserve Bank of India (RBI).