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25
November 2016
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| Line (The Total Investment & Insurance Solutions) |
These notes can now be exchanged from
the counters of the Reserve Bank of India alone, or can be deposited in banks.
It's a different matter that the employees of central bank have their fingers
crossed.
"This one task was a major burden
on us," said a bank executive with New Delhi's Saket branch of ICICI Bank.
"Just for Rs 2,000, we had to verify identity proofs, with originals often
missing, and the mark the index finger with ink. People were most reluctant
with these procedures."
The executive went on to explain that
some people would come with the notification that said they could exchange up
to Rs 4,000 and wouldn't believe the bank staff when it would say that it stood
reduced to Rs 2,000. "This often led to heated exchanges. It was a huge
psychological burden."
Following the announcement on
demonetisation, the government had said that people could go to any bank with
valid proof of identity and exchange their old Rs 500 and Rs 1,000 notes up to
a one-time limit of Rs 4,000. The Total
Investment & Insurance Solutions
This was then hiked to Rs 4,500, only to
be slashed again to Rs 2,000, with the use of indelible ink to prevent multiple
visits by people. The Total Investment
& Insurance Solutions
"We have been at the receiving end
from people queuing up at our branch to get notes exchanged. Most bank staff
can make out who is a genuine customer and who is fronting for others,"
said Abhishek, an officer with a leading international bank in Chandigarh. The Total Investment & Insurance
Solutions
"I caught a man yesterday who had
engaged a labour to stand in the queue to change currency for others. I had to
warn him," Abhishek told IANS, and echoing like others that the one-two
banking staff that was deployed at exchange counters, would now be used for
other tasks.
While latest data is unavailable, the
Reserve Bank of India (RBI) had said on November 21 that banks exchanged old
currency worth Rs 33,000 crore from November 10-18, and received deposits of Rs
511,565 crore. Also, Rs 103,316 crore was withdrawn from bank accounts and
ATMs.
A senior official of a public sector
bank in Chennai said that the process will also now begin to check if their
bank staff colluded with tax evaders to exchange their old Rs 500 and Rs 1,000
notes beyond the permissible limits. The
Total Investment & Insurance Solutions
"As far as the exchange of old
notes goes, the queues had certainly reduced after the government made the
application of indelible ink compulsory and cut the limit to Rs 2,000. But the
problem does not end. The supply of currencies to banks has certainly
reduced," the official said.
Joydeb Dasgupta, President, UCO Bank
Employees Association, also pointed out that the issue lay elsewhere. "The
problem is with the shortage of currency notes. There's a huge demand-supply
gap in notes," Dasgupta told IANS in Kolkata. The Total Investment & Insurance Solutions
"Unless and until new notes are
supplied adequately and re-calibration of ATMs is completed, bank employees'
plight will continue." The Total
Investment & Insurance Solutions
The Reserve Bank of India's Employees
Association office bearers apprehended that the pressure on their colleagues
will now be monumental after the removal of notes exchange in the commercials
banks.
"The exchange of notes has been
withdrawn from commercial banks only. It will continue at the counters of
Reserve Bank of India. We apprehend the pressure of exchanging notes will flow
towards RBI's counters," association Secretary Sudipta Saha Roy told IANS
in Kolkata.
"In fact, we saw our counters were
overcrowded for the last two weeks even though people were able to exchange
their old notes at the commercial banks."The Total Investment & Insurance Solutions
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