It will take two to three months to completely restore the pre-November 8 cash situation, some bank officials told greattelangaana.com. The situation is slowly improving and it will come to normalcy by March a bank office from Andhra Bank said .
The main problme is that there is a huge gap of currency notes. The Reserve Bank is not supplying as per the requirements of the banking industry. The actual limit quoted is Rs. 24,000 withdrawal per account per week and withdrawal of Rs. 2,500 from ATMs. But in reality the banks are giving not more than Rs 6000 and the ATMs still are showing no cash.
But so far banks have only been able to disburse nearly Rs. 6 lakh crore to the public, the RBI said in its latest release.At the same time the Government has cautioned that people will be penalised if they have any old notes left with them.
The financial experts say that here is a very remote possibility of the RBI easing withdrawal restrictions after December 30, which is the deadline for making cash deposits in now-defunct currency.
There is no chance that that after 30th of December, these limits will be scrapped and the earlier situation will be restored.It will depend on the supply of currency notes by the RBI, which will decide the restoration of the situation.”
On the other hand the cash situation has improved in big cities. “But in smaller towns there are a lot of problems.
The withdrawal limits may be relaxed by RBI after a month but to restore the pre-November 8 situation, it will take two to three months.
The RBI must disclose the position of cash supply, city-wise and bank-wise. So that one would know what is the lates and what would be the situation in the near future. The common man has to struggle for another month, that is the entire January and there is no other go.
One can think of free and easy withdrawal of money only after March.
