Govt hastily announce currency ban on Nov 8 as Rs 2,000 note pictures leak online
Archana Khatri Das/Zee Media Bureau
New Delhi: The pictures of 2,000 rupee note going viral on social media on November 6, even before its release by the Reserve Bank of India, may have compelled the government to prepone its announcement on currency ban, as made by Prime Minister Modi on November 8.
RBI, on November 2, had asked all the banks to increase dispensation of Rs 100 banknotes through ATMs. "A review of steps taken by banks for installing ATMs dispensing lower denomination banknotes was conducted and found that very few banks had taken initiatives in setting up ATMs dispensing lower denomination notes including Rs100 denomination banknotes", said the circular.
With a view to encourage the banks in that direction, RBI said that it has been decided to conduct a pilot project wherein 10% of the ATMs in the country will be calibrated to dispense Rs100 banknotes exclusively. "You are, therefore, advised to configure or calibrate 10% of your ATMs to facilitate this arrangement", said ATMs.
RBI wanted banks to complete the exercise within 15 days from the date of the circular and report compliance.
But even before the banks could increase cassettes for Rs 100 notes in ATMs, pictures of Rs 2,000 note got viral on social media. Considering the fact that black money hoarders may have got alerted and would smell rat, government may have advanced announcement on currency ban, and declared that Rs 5,00, Rs 1,000 will cease to be legal tender.