Free Press Journal

Ujjain: Salary day evokes more hassle than joy


Ujjain: The pay day, when salary rings into bank accounts, usually triggers smiles but on the first salary day after demonetisation on Thursday, most people appeared gloomy and are dreading the coming days, thanks to increasing cash crisis in banks fuelled by scrapping of old Rs 500 and Rs 1000 notes.

Thursday appeared to be a very tough one for all the government employees here as well. Although salaries have been credited to accounts on Thursday, the employees had to make hard efforts to realise the same in cash as most of banks are running short of currency supply.

People are already short of money as their old notes have been deposited in the bank and due to shortage of currency notes RBI has rationed withdrawal limit. On Thursday many employees queued up in banks for hours and then they withdrew cash against their salary subject to availability of cash in banks.

Bank of India’s Dussehra Maidan branch paid Rs 24, 000 lump sum amount to its customers, while some of the banks allowed only Rs 10, 000 against salary. Currency notes of Rs 500 have not been circulated in abundance; hence, banks are making payments against withdrawal in Rs 100 and Rs 2000 currency notes.

However, many ATMs in the city remained cash less and some of them were dispensing high value notes. Shortage of currency notes is impacting market sentiments in the city markets are going dull specially sales of fast moving consumer goods, cosmetics, jewellery, automobile and other has gone down by over 60 per cent.