MONEY
As the salary date has arrived, the country is witnessing the worst impact of demonetisation as Modi government has enforced a withdrawal limit since currency ban.
The crowd has started queueing in front of the ATMs and banks to withdraw their salary for various payments that are done through cash. Till now, people were managing their own daily expenses but now since many will have to pay to their rents, pay to the domestic help, pay bills, and make other payments the queues is expected to be longer than what we have seen till now.
To make sure that there are enough notes including low denomination notes, the banks are turning towards temple trusts and liquor shops for cash.
Since, temple managements usually deposit money only on special occasions, banks are now asking them to do the same at regular intervals.
A similar request has been made to Mysore Sales International Limited (MSIL) under which liquor stores operate that have a good amount of low denominated currency notes.
M K Narasimha Murthy, general secretary, All Indian Bank Employees’ Association, Karnataka, has been quoted by The Deccan Herald as saying that liquor shows deposits almost ₹2 lakh to MSIL daily and this can help ease the current situation.
Murthy, also confirmed that though the cap is ₹24,000 per person but banks are only able to disburse ₹5000 due to low availability of cash.