Over a month after demonetisation, despite cash being in short supply thanks to limited printing of new notes and curbs on withdrawals, authorities have made huge seizures of the new currency notes of 2,000 and 500:
Here's the stash list
December 10
Perfect gift for 2-12 year-olds
Ad Magic Crate
Rs 24 crore, Vellore, Tamil Nadu
December 9
Rs 72 lakh from Dadar, Mumbai
Rs 17 lakh from Islampura, Gurgaon
Rs 76 lakh from Surat, Gujarat
December 8
Rs 10 crore from Chennai
Rs 40 lakh from Hoshangabad, MP
December 7
Rs 1.5 crore from Goa
Rs 71 lakh from Udupi, Karnataka
November 29
Rs 1 crore from Coimbatore, Tamil Nadu
November 23
Rs 10.6 lakh, Gujarat
November 20
Rs 8 lakh, Sabarkantha, Gujarat
While these numbers will go up in the weeks to come, if you are one of those queuing up outside ATMs, expect nothing but disappointment. Here's why
Banks are closed for the next three days. Banks are shut on Monday for Eid-e-Milad. When banks normally have consecutive holidays, logistics firms are given extra cash to push the supply.
But there's a cause for concern
Reported fraud during ATM refills has jumped four-fold to Rs 8.34 crore since demonetisation, exposing cracks in the largely disorganised cash-in-transit industry, officials said. According to experts, the monthly loss on an average before demonetisation used to be Rs 1-2 crore.
So, what's the status right now?
RBI says old notes of Rs 11.5 lakh crore have been deposited with banks while new notes Rs 3.8 lakh crore have been printed. This shows a shortage of Rs 7.7 lakh crore. According to former finance P Chidambaram, it would take minimum five months to print adequate new notes to get back to normalcy.
Source: http://ecoti.in/Y6NMla23
Here's the stash list
December 10
Perfect gift for 2-12 year-olds
Ad Magic Crate
Rs 24 crore, Vellore, Tamil Nadu
December 9
Rs 72 lakh from Dadar, Mumbai
Rs 17 lakh from Islampura, Gurgaon
Rs 76 lakh from Surat, Gujarat
December 8
Rs 10 crore from Chennai
Rs 40 lakh from Hoshangabad, MP
December 7
Rs 1.5 crore from Goa
Rs 71 lakh from Udupi, Karnataka
November 29
Rs 1 crore from Coimbatore, Tamil Nadu
November 23
Rs 10.6 lakh, Gujarat
November 20
Rs 8 lakh, Sabarkantha, Gujarat
While these numbers will go up in the weeks to come, if you are one of those queuing up outside ATMs, expect nothing but disappointment. Here's why
Banks are closed for the next three days. Banks are shut on Monday for Eid-e-Milad. When banks normally have consecutive holidays, logistics firms are given extra cash to push the supply.
But there's a cause for concern
Reported fraud during ATM refills has jumped four-fold to Rs 8.34 crore since demonetisation, exposing cracks in the largely disorganised cash-in-transit industry, officials said. According to experts, the monthly loss on an average before demonetisation used to be Rs 1-2 crore.
So, what's the status right now?
RBI says old notes of Rs 11.5 lakh crore have been deposited with banks while new notes Rs 3.8 lakh crore have been printed. This shows a shortage of Rs 7.7 lakh crore. According to former finance P Chidambaram, it would take minimum five months to print adequate new notes to get back to normalcy.
Source: http://ecoti.in/Y6NMla23
