PANAJI
With banks and ATMs quickly running out of cash, the Centre’s decision to demonetise `500 and `1,000 currency notes is turning out to be the common man’s worst nightmare.
The chaos witnessed in Panaji-based bank branches may have declined comparatively from the peak rush since last week, but still, a large number of people at the low strata of society are still facing a torrid time.
“My employer gave me a bearer cheque for my salary. I took it to a bank, but they refused to encash it. I called up my boss. He came here and wrote a letter to the bank stating that I am employed by his company. But, even then the bank did not pay heed,” a security guard said. “The bank has told me to open an account, and only then the money will get transferred from my employer’s account to my account. But, that will take a lot of time and I am in urgent need of cash,” he added.
There are many people who work as drivers, maids, guards, etc, and all of them receive their salaries in cash. Many of them don’t even have a bank account and are paid salaries by a bearer cheque. They have to produce this cheque to the bank on which it is drawn and then encashed.
However, banks are not willing to accept bearer cheques because they are extremely worried about the identification of the person who produces it. That’s the reason, people like the security guard are being told to open accounts.
“I am giving credit to my regular customers. I have got a bunch of unpaid bills here. When I call them up, they don’t pick up my call, as they may not be having cash to pay me. I might have given credit, but I am making most of my payments to suppliers through cash,” complained the owner of a prominent café in Panaji.
People are eagerly awaiting the arrival of sufficient Rs 100 and new `500 notes as no one is willing to accept the new `2,000 note.
Another customer who had come to a branch to deposit money into his father’s account was turned away by bank officials. “The officials have now told me to get a letter from my dad, else they can’t allow me to deposit money in his account,” he said.
A lot of elderly people are not in a condition to visit banks for their financial transactions. But, the Central government has made it mandatory to do so.
A manager of a public sector bank in Panaji, said, “We are aware of issues. There are a lot of old people who can’t come to a bank owing to health reasons. We deal with them on a case to case basis.”
The central government on November 13 increased the weekly withdrawal limit to `24,000 from bank accounts from `10,000 earlier. But, cases were reported in Panaji where bank officials told customers that sufficient cash wasn’t available with the bank to allow them for making withdrawals of `24,000.
