Note trauma to continue

December 01 2016


The country is still in the phase of dilemma on currency ban. Even the staunch believers of Modi are now saying that the policy is really good but its execution has created a mess all over the country, so naturally, the measure is unable to deliver the desired results. Although the serpentine queues in front of the banks have become a little shorter over the last few days but the common man is plagued with problems. One can see the their wrath due to defunct high value currency notes in rural areas. A reliable source from the ministry of finance says that the problems, created due to currency ban are not going to end any time soon. Since the currency including both high and low value taken off the market is 2200 crores. The value of currency printed every day in the country jointly by printing presses all over the country is just rupees 10 crores. Even if these printing presses keep working day and night, they will still end up printing only 300 crore notes per month which is far less than the requirement. The high value currency notes of 500 and 1,000 are nothing but mere garbage of Rs 6 lakh crore. There are reports that the new Rs 500 notes that were being printed at a government press have turned out to be completely defective, so the Reserve Bank has recalled them and given fresh orders for printing at a different press. That situation is akin to farmers looking at the sky for some clouds at least in a drought year.

 
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