Need more lower-denomination notes: Railways to RBI
Facing severe shortage of lower denomination notes for tendering exchange cash, railway authorities trying to contact Reserve Bank of India (RBI), for urgent cash influx in the system.mumbai Updated: Nov 09, 2016 14:35 IST
Facing severe shortage of lower denomination notes for tendering exchange cash, railway authorities trying to contact Reserve Bank of India (RBI), for urgent cash influx into the system.
A railway officer said that they are trying to reach RBI officials for currency notes of Rs5, Rs10,Rs20, Rs50 and Rs 100 as well. “Our cash is almost exhausted and hence we are trying to contact RBI for lower denomination currency notes,”said the official, adding that they have not received any positive response for them yet.
After the government discontinued Rs500 and Rs1,000, these big currency notes will be accepted only at railway ticket booking windows, petrol pumps, hospitals and other locations, till November 11, 2016. Hence, people trying to expend the notes at such places.
According to railway sources, most people are coming with Rs500 and Rs1,000 notes for buying tickets of Rs 20-40. This is happening since last night and hence they have dried of their cash reserve of lower denomination notes. As banks are closed, they have no option than to approach RBI for cash.
As a result, the verbal exchange taking place between booking clerks and passengers.
Passengers, however, are complaining that railway booking clerks are not accepting Rs500 and Rs1,000 notes, even though they having sufficient cash to tender exchange. “I just have Rs 500 with me, but booking clerks are asking for change, though they have cash,”said a passenger, arguing with railway staffers at Chinchpokli station.