Miss Alone
Prime VIP
With almost nil supply of Rs 500 rupee notes in banks of Gautam Budh Nagar, residents seem to have gone into a "hoarding mode" with many collecting the new Rs 2000 rupee and Rs 100 rupee notes with an aim to use them at the time of need.
Even as the people have taken to debit/credit card transactions, many people are wary of using the new notes.
Small shop-keepers including fruit-sellers, juice-sellers, vegetable vendors, flower-sellers, eatery-owners, etc who don't own a swipe machine are too wary of accepting the new note and most cite lack of change of Rs 100 rupee notes behind their reluctant attitude.
Shiv Kumar, who owns a fruit juice shop in Atta Market told TOI that people are not giving the Rs 2000 rupee note. "Two-three people turn up and offer the new Rs 2000 rupee notes. We try to give them the change if we have by collecting it from fellow shop-keepers but where can we bring the change for them?," asks Shiv.
A few lanes ahead in the same market, a person comes and asks for change for Rs 2000 note. However, the cashier at the Ajay medical store refuses to give the change saying that there are not enough 100 rupee notes to give.
Ashish Mishra, an R&D manager working with a manufacturing firm in Noida's Sector 4 said that one of his colleagues had kept Rs 3000 in Rs 100 denomination notes. "There are many colleagues who have withdrawn the new Rs 2000 notes and are hoarding them of sorts. One of them was flaunting the new notes in front of other colleagues, saying that he is going to keep them for the month at least," he said.
Lead Bank Manager (LDM) of the district AK Singh who is also the branch manager of Syndicate bank, Sector 18 branch told TOI that till Saturday, not a single Rs 2000 rupee note has been deposited in the 29 branches of the bank located across the Gautam Budh Nagar. This does not augur well for the cash flow, he added.
"It seems that the new Rs 2000 rupee note has become a dead note. The hoarding tendency is evident due to the lack of the new notes in the market. People need to understand that if the new notes are circulated, it will help maintain the cash flow," he said.
Former chairman United Bank of India and a former member of the Securities and Exchange Board of India (SEBI), Madhukar told TOI that the imbalance is because the new valid currency is not being deposited in the banks even as the withdrawal continues. "This old money is not contributing to the economy. It is the psychology of the people that when a commodity is less, they will start hoarding it. However, it is not good to maintain the cash flow," he said.
However, both residents and experts agree that the situation will be eased once the Rs 500 rupee note reaches the markets.
According to the LDM, the Rs 500 rupee note has not arrived in the banks in most districts of western UP. "We are eagerly waiting for this note. A lot of small transactions will be possible once it comes. While some private banks have started getting them, none of the government banks of the district have received these from their respective currency crests," he said.
Even as the people have taken to debit/credit card transactions, many people are wary of using the new notes.
Small shop-keepers including fruit-sellers, juice-sellers, vegetable vendors, flower-sellers, eatery-owners, etc who don't own a swipe machine are too wary of accepting the new note and most cite lack of change of Rs 100 rupee notes behind their reluctant attitude.
Shiv Kumar, who owns a fruit juice shop in Atta Market told TOI that people are not giving the Rs 2000 rupee note. "Two-three people turn up and offer the new Rs 2000 rupee notes. We try to give them the change if we have by collecting it from fellow shop-keepers but where can we bring the change for them?," asks Shiv.
A few lanes ahead in the same market, a person comes and asks for change for Rs 2000 note. However, the cashier at the Ajay medical store refuses to give the change saying that there are not enough 100 rupee notes to give.
Ashish Mishra, an R&D manager working with a manufacturing firm in Noida's Sector 4 said that one of his colleagues had kept Rs 3000 in Rs 100 denomination notes. "There are many colleagues who have withdrawn the new Rs 2000 notes and are hoarding them of sorts. One of them was flaunting the new notes in front of other colleagues, saying that he is going to keep them for the month at least," he said.
Lead Bank Manager (LDM) of the district AK Singh who is also the branch manager of Syndicate bank, Sector 18 branch told TOI that till Saturday, not a single Rs 2000 rupee note has been deposited in the 29 branches of the bank located across the Gautam Budh Nagar. This does not augur well for the cash flow, he added.
"It seems that the new Rs 2000 rupee note has become a dead note. The hoarding tendency is evident due to the lack of the new notes in the market. People need to understand that if the new notes are circulated, it will help maintain the cash flow," he said.
Former chairman United Bank of India and a former member of the Securities and Exchange Board of India (SEBI), Madhukar told TOI that the imbalance is because the new valid currency is not being deposited in the banks even as the withdrawal continues. "This old money is not contributing to the economy. It is the psychology of the people that when a commodity is less, they will start hoarding it. However, it is not good to maintain the cash flow," he said.
However, both residents and experts agree that the situation will be eased once the Rs 500 rupee note reaches the markets.
According to the LDM, the Rs 500 rupee note has not arrived in the banks in most districts of western UP. "We are eagerly waiting for this note. A lot of small transactions will be possible once it comes. While some private banks have started getting them, none of the government banks of the district have received these from their respective currency crests," he said.
