Salary Day vs DeMonitisation - Present Indian Nightmare
Sami Aslam
No Doubt! The demand for cash is definitely going to be high. Let us analyze a common man's nightmare post Demonitisation and discuss the current scenario in India. His simple questions are:
Is my company prepared to pay me fully?
Can the banks face heavy cash withdrawals?
Has RBI adequately supplied the new notes?
What can the Government do if things don't go normal?
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Government Employees: Up to Grade-III employees have been given a section (Rs 10,000) of their November salaries already in cash. Private-Sector Employees: Will be encouraged to use cashless methods for transactions at least until this currency note crunch gets resolved.
Banks' Stand –
Bank branch-level managers and the employees are worried as the first week of every month usually sees a 3-4 fold jump in withdrawals. Though the banks are willing to give away the highest denomination( Rs 2,000) notes and loaded the ATMs with it, they are expecting the 500 rupee note denominations to be available only after 3-4 days. Pensioners and Labourers will be given preference for withdrawing money.
RBI's Stand –
Reserve Bank of India has infused new notes worth Rs.2lakh crore, which is almost equivalent to the total currency notes supplied in a normal year, between Nov 10 and 25 of this year alone. Though the authorities are insisting that enough cash is available with the RBI and banks, the ground situation is that RBI is yet to provide sufficient cash for the banks to meet the current currency crunch.
Government's Stand –
Government's view on the Salary Day crisis is that there is hardly any employer whose employees do not hold bank accounts. There is a lack of regular updates from the Government of India on the evolving situation.
Common Man –
The common public, even after 22 days of the Demonetisation move, is remaining clueless of what exactly is the current situation. Let us all hope that the present biting cash crunch situation does not get worse in the next few days.
