Delhi, 12 Nov: The RBI is slated to hold a meeting Today to ease the transactions as the bold move of the Modi government of scrapping Rs 500 and Rs 100 notes has created roadblocks for the common man residing in Country.
On the second day of exchanging invalidated currency notes, people struggled a lot in depositing and exchanging money from banks. Dozens of people waited for hours as only 40 per cent of ATMs were reportedly functioning on Friday.
In the wake of problems faced by the people, the Union Finance Ministry decided to meet Reserve Bank of India officials early on Saturday to resolve the immediate shortage of cash.
“Although there is sufficient new currency available, the problem is emerging in the logistics of its movement and timely stocking. We have called the RBI officials to understand their difficulty and work out a solution,” an official said.
Meanwhile, the government has also extended the use of old 500 and 1000-rupee notes for paying household utility bills, fuel, taxes and fees by another 72 hours to November 14. National highways will also be toll-free until November 14.
However, the step was taken to battle out corruption but People are facing such a serious problem due to this move. The central government had implemented the decision without a full proof plan.
All around the country, people are condemning the step as they are forced to the situation where they have to stand in long queues to get the money which they have earned.