Sunday, 26 February 2017

A Comment on the procedure of dispensing notes from ATMs

My Comment on an article "Govt. has no plan to reintroduce Rs 1,000 notes: Economics Affair Secretary" published in the Dated 24/02/2017.

"It's okay. There is no need for Rs 1,000 notes. 

But, monitor sufficient supply of the Rs 500 notes along with the Rs 2,000 currency. If a person wants to draw Rs 10,000 from an ATM, he should be provided some 500 notes also along with the 2,000 notes (say 4 Rs 2,000 notes and 4 Rs 500 notes). 

Presently, in most cases, we are getting only Rs 2,000 notes if we draw Rs 10,000 or Rs. 8,000 at one time. I am told to enter Rs 9,500 or Rs 7,500 if I have to get Rs 500 notes also."

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