Various banks are still reporting that they do not have an adequate supply of Rs 10 and Rs 20 notes for customers to use in everyday transactions.
An extensive shortage of Rs 10 and Rs 20 bills that have just been issued has been reported. This shortage has caused many items to be sold at inflated prices and to be traded illegally in many areas, which has led to significant anger amongst the public during the most active period of the wedding season.
Various banks are still reporting that they do not have an adequate supply of Rs 10 and Rs 20 notes for customers to use in everyday transactions. However, many citizens report that they are able to find plenty of the same notes being traded at exorbitant prices through private individuals, which leads to questions about whether there are individuals within the banks who are colluding with the private sector.
People from various communities have indicated that even though they have gone to their local bank branches several times, they have not been able to purchase any small-denomination notes for everyday transactions due to a lack of inventory.
However, residents indicate that there are traders and brokers in local markets who are allegedly selling bundles of new Rs 10 bills at prices that have been inflated by bank employees who are cooperating with the traders and brokers.
According to some customers, bank employees have demanded unofficial kickback payments from customers before they will provide them with small-denomination notes; and in many instances, shop owners have been selling Rs 1,000 worth of Rs 10 bills to customers after adding Rs 300 to Rs 400 to the original price.
Additionally, there have been instances in which sealed bundles of Rs 20 bills have been sold to customers for between Rs 2,400 and Rs 2,500, although the actual price for the sealed bundles of Rs 20 notes would be Rs 2,000.
As public outcry increases over fears that the distribution of small denomination coins and bills into black markets is increasing, social workers and other community leaders state that the unauthorised diversion of recently issued bank notes from financial institutions.
This has caused substantial disruption, especially to families who tend to utilize these notes during wedding celebrations and other social functions, where they are customarily utilised for gift giving and other customary functions.
Further, the general populace has requested that an explicit policy be developed outlining procedures for bank branches to ensure that small denominations are distributed fairly, clearly, and equitably to customers.
They are calling for a complete investigation into the alleged collusion between banks and private parties involved in these transactions, and they have requested that appropriate action be taken to prevent further unauthorised distribution.
