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After widespread chaos, PMO seeks report on demonetisation situation
The Prime Minister’s Office (PMO) has sought reports on the demonetisation situation from banks and post office, amid reports of people having to wait long hours to withdraw or deposit cash.
The Prime Minister’s Office (PMO) has sought reports on the demonetisation situation from banks and post office, amid reports of people having to wait long hours to withdraw or deposit cash.
Sources said a high-level meeting chaired by Prime Minister Narendra Modi on the matter was likely to be held soon.
“The Prime Minister is back in the country and he will be calling for a stock taking meeting with bank chiefs and other stakeholders... he has already sought a report (on the demonetisation exercise),” a source who refused to be identified told Hindustan Times.
Read | Give me 50 days over scrapped notes, punish me if problems persist: Modi
Modi, who was out of the country on a three-day visit to Japan, returned on Saturday.
Modi, on November 8, in a surprise move announced withdrawal of all currency notes of Rs 500 and Rs 1,000. While announcing the demonetisation exercise, he said ATMs and bank branches will be able to dispense the new currency notes by November 11. However, the situation is far from normal as people have to wait for hours to withdraw or deposit cash and most ATMs have run dry.
The Reserve Bank of India on Saturday issued a statement that there was enough money with the central bank, in an attempt to allay fears.
Read | No need to rush: 10 things finance minister Jaitley said about demonetisation
On Saturday, finance minister Arun Jaitley said more than two lakh ATMs in the country will have to be “recalibrated” to be able to accept the new banknotes that come with new features and designs. He said it may take two to three weeks for the situation to normalise.
Before the demonetisation exercise, Rs 17 lakh crore of currency was in circulation in the country, of which over 86% comprised high-denomination notes of Rs 500 and Rs 1,000.
