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9
November 2016
The
withdrawal of 500 and 1,000 rupee notes from circulation will not help in
fighting black money as it is stashed away in foreign banks, foreign currency,
gold or in the form of other assets, a top leader of the All India Bank
Employees Association (AIBEA) said. The Total Investment &
Insurance Solutions
"Everyone
knows that black money is mostly in foreign currency, in foreign banks, in gold
or in properties and less in cash. Hence, this steps alone is not going to help
in unearthing black money," AIBEA's General Secretary C.H. Venkatachalam
said late on Tuesday. The Total Investment & Insurance
Solutions
"Secondly,
the problem of fake notes is also not going to be contained by this measure. So
long as we cannot check the root cause of fake notes, new sets of fake notes
will come into circulation," he added in a statement. The
Total Investment & Insurance Solutions
According
to him, there are about 85,000 bank branches of commercial banks and about
another 100,000 branches of co-operative banks. The
Total Investment & Insurance Solutions
"There
are also about 102,000 ATMs (automatic teller machines) across the country.
Unless RBI can supply the new notes to the banks branches and ATMs, which is
not possible within the next 24/48 hours by any stretch of imagination, common
people are going to suffer more since Rs 500 and Rs 1,000 notes have become
very common in usage by everyone," Venkatachalam added.
On
Tuesday evening, Prime Minister Narendra Modi caught the nation by surprise
when he announced the cancellation of 500 and 1,000 rupee notes as legal
tender. The Total Investment & Insurance Solutions
The
announcement immediately sparked panic nationwide and there was a huge rush at
ATMs to withdraw 100 rupee notes.The Total Investment &
Insurance Solutions
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