There is a lot of confusion among the people now with regard to the situation on exchange of scrapped notes and release of new currency notes, which is attributed to the lack of communication. People are clueless on the fate of the new Rs.500 notes that are yet to be received by the banks, the swipe-accepting fuel stations and the latest status on indelible ink.
With the demonetisation having sucked the Rs.500 and Rs.1,000 notes from the market, the RBI was expected to infuse fresh stock of currency in the lower denominations in its place immediately. While the Rs.2,000 notes have saturated the market, the new Rs.500 notes are yet to arrive, leaving the people scurrying for small change.
The retail market, which has been reeling under the currency crisis, has in the last couple of days felt agitated. “The people have so far been cooperative with us. But, the inflow of Rs.10, Rs.50 and Rs.100 denomination notes by Monday is quite essential to prevent them from turning restive,” said a bank manager on condition of anonymity. Admittedly, the bankers are also in a fix when the currency notes would arrive or at which level they have reached.
Though the Centre announced that the public can swipe and get currency notes in 'some' fuel stations, people are not sure about their location. As expected, every fuel station turned its back to the public citing non-availability of smaller change. Similar is the dilemma with indelible ink and the current status on its usage, after the Election Commission cautioned the RBI. On Saturday, which was kept open for senior citizens, a bank in Tirupati reportedly denied exchange of old notes, citing non-availability of indelible ink.
