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Wed, Mar 20, 2019 | Last Updated 11:13 pm IST

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After Demonetization another Monetary Crisis is on the anvil

After Demonetization another Monetary Crisis is on the anvil
After Demonetization another Monetary Crisis is on the anvil

According to sources the new Rs 2000, Rs 500 notes issued during 2016 are becoming unusable due to its poor quality as compared to the old notes, as published in some reports. Meanwhile if the currency notes are used extensively, folded and soiled they become unusable either in banks or ATMs or for any other transactions and the sensors inside the ATM machine won’t detect them.

Furthermore same would be the case with the new RS 200, 50 and 10 Rs notes which were issued in 2018. The report said the banks have started categorization of these notes under 'non-issuable' category. Meanwhile banks categorize notes under 'non-issuable' category when the currency can't be used in ATMs or be accepted, exchanged by the public. Further according to the RBI circular, RBI/2018-19/3 DCM (NE) No.G-2/08.07.18/2018-19 it has sought to mitigate the hardships faced by the public with regard to soiled notes and help public in genuine cases.

After Demonetization another Monetary Crisis is on the anvil

Moreover currency notes in India have been used roughly, folded soiled and written upon because of low awareness on upkeep safety and usage of notes. Reportedly this has been a practice since a long time and the RBI has time and again educated the public at large on how to keep currency notes carefully.

After Demonetization another Monetary Crisis is on the anvil
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