Demonetisation: First a day or two, then 50 days, looks like the PM has given a tall promise to be not kept
According to the SBI chairman, Arundhati Bhattacharya, when asked how long the cash-shortage will last in ATMs and how well the banking system is ready to face the week when salaries get credited to employee accounts and people rush to ATMs/ branches to draw money, she said “For us, 33000 ATMs are currently dispensing cash. More will come up as day proceeds. You need to talk to RBI (Sic)” as per firstpost.
According to the statistics there are about 49,000 SBI ATMs present for SBI, which has the maximum number of ATMs across India. So if 33K ATMs are dispensing cash, this means about 67 percent of the country ATMs are working as of now. Now even we take into consideration all the other branch banks with the same percent of around 60 percent of the ATMs are working And still in many of the ATMs the Rs 500 Note is at large.
It will be worth to say that it will not be possible to fill the deadline given by the Honorable Prime Minister of India, Narendra Modi of his tall promise that life will become normal in just 50 days, that is before the start of the New Year 2017.
Where is the Problem
The biggest problem faced by average common man is the Rs 500 notes, still millions are there who have not even seen or touched the Rs 500 notes. The Reserve Bank of India (RBI) and the Central Bank both are giving their full assurance regarding the availability of the money. But the non availability of Rs 500 notes is creating the major impact to the existing problem. People, who get 100 Rs note, do not want to return it or use it at any place because of which the problem is also multiplying. Arundhati Bhattacharya too attributed to the continuing cash crunch to the shortage of Rs 500 notes and The RBI has not provided any details about the printing of Rs 500 notes, said Arundhati .
Looks like the Promise will be broken
On 13 November, 2016, PM NAMO had sought 50 days from the public to tide over the hardships post the demonetisation. But, can the PM keep his promise? At this stage, it looks difficult and doubtful..
According to report by IANS, based on capacities of the currency printing presses, the replenishment would take around six months, especially for the new Rs 500 notes. There are four currency presses;
- One each in Nashik (Maharashtra)
- Dewas (Madhya Pradesh)
- Salboni (West Bengal)
- Mysuru (Karnataka).
The first two are owned by the central government through the Security Printing and Minting Corporation of India Ltd. According to information available in the Finance Ministry's latest annual report, the yearly currency printing capacity of these two presses is around 40 per cent of the total in the country.
The other two presses -- in Salboni and Mysuru -- are part of the Bharatiya Reserve Bank Note Mudran Pvt. Ltd. (BRBNMPL), a wholly-owned subsidiary of the Reserve Bank of India (RBI). These two, comprising 60 per cent of the total capacity, can print 16 billion notes in two shifts per year, according to information available on BRBNMPL's website. This means that total capacity in the country would be 26.66 billion notes in two shifts. If all three shifts run, as the government says is happening now, the four presses would be able to print 40 billion notes a year. Now, there were 15.78 billion notes of Rs 500 denomination in circulation and 6.84 billion notes of Rs 1,000, when PM Modi announced the currency ban. In short, it will take at least a few months to replenish the cash stock. (As per IANS and FirstPost)
It already 19 days have passed around and the days of clock is rushing and ticking towards the 50 days promise. Hope this time the people of India are not disappointed.