Pay day rush: Banks resort to rationing of cash

December 1, 2016

New Delhi, Dec 1: Reeling under shortage of currency stock, banks across the country have resorted to rationing of cash in order to handle the huge pay day rush at branches.

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Although claims were made by various banks that adequate arrangement would be in place to tide over cash crisis on pay day, branches are seen rationing cash depending on their currency stock position.

Branches are compelled to resort to rationing because of cash shortage and it is difficult to meet the withdrawal limit of Rs 24,000 per person set by the Reserve Bank, said a senior public sector bank official.

Some banks are disbursing only Rs 5,000 per person while those having better cash availability are offering Rs 10,000 or Rs 12,000 per withdrawal.

Making matters worse, a large number of ATMs are still dry even 24 days after the government scrapped 500 and 1,000 rupee notes earlier this month to crack down on black money.

Despite recalibration of nearly 80 per cent of ATMs do not have cash, while people are struggling with the problem of change as the operational ones dispense mostly high denomination Rs 2,000 notes.

Yesterday, a top government official claimed that special efforts are being made to pump in additional cash into banks to meet the heavy demand for currency notes on account of salary withdrawal but situation on the ground is still a far cry.

RBI Governor Urjit Patel had earlier said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.

Comments

A. Mangalore
 - 
Thursday, 1 Dec 2016

Too many black money holders are in the Q.
Jai Ho Modiji.... you did a wonderful job to all Indians.

Hopefully food and water will be surplus this year as millions of peoples are not eating break fast and lunch as they are standing in the Q for whole day .

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News Network
April 5,2024

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New Delhi, Apr 5: In a big relief to about 17 lakh madrassa students in Uttar Pradesh, the Supreme Court today paused an Allahabad High Court order scrapping the UP Board of Madarsa Education Act, 2004. This allows about 16,000 madrasas in the state to continue functioning under the 2004 law.

A bench led by Chief Justice of India DY Chandrachud said that the high court decision was prima facie not correct and issued notices to the UP and central governments, and the Madrassa board.

The high court had last month declared the 2004 law "unconstitutional" for allegedly violating the principle of secularism and directed the government to accommodate the madrasa students in the formal education system.

The Supreme Court put it on hold on Friday, saying that the aims and objectives of the Madrassa Board are regulatory in nature and that the establishment of the board itself will not affect secularism.

"The high court, in striking down the provisions of the Act, directed the relocation of the students. This would affect the 17 lakh students. We are of the view that the direction of relocation of students to other schools was not warranted," said the Chief Justice.

If the purpose of the PIL is to ensure that madrassas provide secular education in core subjects such as mathematics, science, history, and languages, the solution would not be to repeal the provisions of the Madarsa Act 2004, he added.

The central and state governments backed the high court judgment in the Supreme Court, with the centre saying suspected entanglement of religion and other relevant issues must be debated.

Senior advocate Abhishek Manu Singhvi, representing the madrassas, said religious education cannot mean religious instruction and that the high court order will leave 10,000 madrassa teachers and 17 lakh students in lurch. But the state government said it has made arrangements for the teachers and students.

Mr Singhvi argued it is wrong to say madrassa education doesn't have quality, isn't universal in nature, and is not broad-based. Singling out the madrassas for a ban is discriminatory and the Supreme Court had said so in the Aruna Roy vs Union of India, 2002 verdict, he pointed out.

The Chief Justice said that the issues that have been raised merit closer reflection and posted the matter for further hearing in the second week of July.

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News Network
April 12,2024

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New Delhi, Apr 12: India on Friday asked its citizens not to travel to Iran or Israel amid escalating tensions between the two countries following a strike on the Iranian consulate in Syria 11 days ago.

Iran blamed Israel for the strike and there have been fears that Tehran may launch an attack on Israel soon.

In an advisory, the Ministry of External Affairs (MEA) also urged the Indians residing in Iran and Israel to exercise utmost precautions about their safety and restrict their movements to minimum.

“In view of the prevailing situation in the region, all Indians are advised not to travel to Iran or Israel till further notice,” it said.

“All those who are currently residing in Iran or Israel are requested to get in touch with Indian Embassies there and register themselves,” the MEA said.

“They are also requested to observe utmost precautions about their safety and restrict their movements to the minimum,” it added. 

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News Network
April 13,2024

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New Delhi: Seventeen Indians are on board an Israeli-linked container ship that has been seized by the Iranian military amid heightened tensions between Iran and Israel.

Official sources said India is in touch with Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure the welfare and early release of the Indian nationals.

The Iranian action came amid increasing fears that Tehran may launch an attack on Israeli soil in retaliation to a strike on the Iranian consulate in Syria 12 days ago.

"We are aware that a cargo ship 'MSC Aries' has been taken control by Iran. We have learnt that there are 17 Indian nationals onboard," said a source.

"We are in touch with the Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure security, welfare and early release of Indian nationals," it said.

Reports said Iran's Islamic Revolutionary Guards seized MSC Aries on Saturday morning when it was sailing through the Strait of Hormuz.

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