After the announcement of Prime Minister Narendra Modi's note-taking on November 8 last year, the currency of Rupees 500 and Rs 2,000 will stop coming out of ATM after October. Banks will be issued a note of Rs 100 in ATM and they will be disposed off. For this, the country's bank was warned earlier by issuing a circular to RBI, so that people not having to face the shortage of cash while paying 500 rupees and 2,000 notes out of currency.
Banks have been asked to arrange this type of arrangement in the circular issued by the Reserve Bank. The Reserve Bank has said that in October, only 10 percent of total ATM's 10 percent of the machine will be issued a note of 100 rupees. On the condition of not printing the name, a bank official said that the market value of 500 rupees has declined.
Along with this, the news is also coming in such a way that the printing of notes of Rs. 2,000 has been reduced. Due to this, only 100 notes have been supplied to the ATM. People have begun depositing Rs 500 again. This has led to the downfall.
However, in order to put 100 rupee notes in ATM, the Reserve Bank had alerted the country's banks by circulating a circular almost a year ago, but due to non-compliance of the instructions by these banks, it has been instructed to issue circulars for the second time.
It is being said that the Reserve Bank's directive has not been implemented on December 8 last year by country's banks announcing the ban on non-ban. Now the RBI has reminded the banks to re-mark their circulars and apply it from October.
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