Bhopal: The recent reports of severe lack of Rs 2,000 currency notes in markets across the country suggest in the name of tracking black money, Union government is squeezing production of the bigger currency denomination like virtual currencies leading to a crisis.
Market experts have their views on the crisis. Even Madhya Pradesh Chief Minister Shivraj Singh Chouhan had admitted “Rs 2,000 notes are missing from the market.” However, he alleged a conspiracy behind the vanishing of Rs 2,000 notes. “Currency worth Rs 15,00,000 crore was in circulation before demonetisation came into effect. Later, it was increased to Rs 16,50,000 crore. Despite that Rs 2,000 notes are missing from the market,” he said.
Explaining the scenario straight in layman’s language, a hassled citizen, advocate Dr Rajesh Sharma said “Modi government is working just like a milk booth vendor, who in absence of enough smaller denomination notes and loose coins, substitute them with their self-circulated currency ‘token’ to avoid the crisis of change. The tokens come in 50 paisa, Re 1 and other smaller denominations and prove handy whenever milk price is increased by 0.50 paisa or so per packet. Similarly, the PM circulated Rs 2,000 notes to tackle crisis during the infamous demonetisation era and now, he is withdrawing them from the market.”
Echoing similar disgust, economist with IEHE, Dr Anjali Jain said “Right from the first day of demonetisation it was clear that Modi would withdraw Rs 2,000 denomination any time just to crack down on black money in the country. And now, it is gradually unfolding. Experts may call it virtual money but crisis of currency is very much present across the country.”
PHD Chamber of Commerce, RG Dwivedi said “The government cannot do it openly, but the way market is function it is very much evident that the PM is gradually withdrawing Rs 2,000 currency notes from market. Whatever be the reason, it is no doubt happening and leading the country to currency crisis. Even our CM had admitted currency crisis in Madhya Pradesh.”
“It is hard to believe that government would take such move of withdrawing Rs 2,000 notes on the sly. But indeed there is crisis in the market. There must be some foul play taking place. May be black-marketers have become active or a conspiracy is hatched as elections are around,” said RS Goswami of Federation of MP Chambers of Commerce and Industry.
In the melee, raising a bit of hope, State Bank of India (SBI) chairman Rajnish Kumar said “We will increase circulation of Rs 500 notes within five to seven days.” However, to one’s wonder he kept mum on the gradual withering away of Rs 2000 notes from the market.
Cash crunch back in market, people in queues at ATMs, banks
Bhopal witnessed long queues of hassled citizens outside banks and ATMs once again after the 2016’s ‘demonetisation’ on Tuesday even as bereft of cash, the facilities sent them mostly empty handed. Failed to secure cash from ATM booths, the people directly approached banks for cash where neither e-lobby nor the cash depositing machines were working adding more their woes.
Victim of crisis, BE student Manoj Singh said “As I had to deposit some money in urgency, I went to e-lobby but the cash depositing machine was out of order. Actually, due to the current cash crunch people withdrew cash even from cash depositing machines rendering them non-functional.”
However, AGM of SBI, Anil Bhide said “This phase is temporary. My TT Nagar branch is one of most efficient branches in the state Capital as far as customer service is concerned. People might have crowded the branch anticipating a cash crunch, but there is no such shortage of notes in our ATMs. There is no need to panic as whatever little bit problems we have things will be settled within couple of days.”