Tuesday, 18th September, 2018

Government to Legalize CBI Note to Counter Cash Insufficiency

03, May 2018 By pknayak

Meanwhile the entire North & West India has been engulfed by the cash famine in banks & ATMs. Though the government and finance ministry has downplayed the havoc, we were told by senior officials from RBI that the matter is grave and will take over a couple of weeks to vanquish the catastrophe incurred due to the sparsity of liquid cash. We tried to contact the RBI governor for his response, but he was unavailable as he is still busy counting money deposited during demonetization.2017_1$largeimg29_Sunday_2017_012833825

However, our sources in finance ministry told us that they are scrutinizing alternatives to combat the muddles. One of them is to allow legalize the currency printed by Children Bank of India (CBI). A senior staffer from North Block told us on condition of anonymity that at present that’s the quickest and most congruous panacea.

He told: “Public’s trust in our banking system is downstreamed since demonetization & it hasn’t changed direction. If the mess (cash shortage) persists for long then it may lead to civil rights movement. In that scenario, it won’t be easy for the government to restore faith in its governance and banking structure that’s already in all time low. In order to avoid such disarray, the government is analyzing each possibility & at present this one looks fittest.”

When asked on details of note size and its physical appearance, he replied: “This is the reason why we had gone for this (CBI notes). You might have seen these notes coming out from SBI ATM’s during demonetization. So, we needn’t have to recalibrate our ATM & once we receive printed note we can put it directly in the ATMs.”

For further clarification when our correspondent contacted CBI governor Mr. Shaktiman, he first contradicted the statement citing media hype. Later he told us that though there hasn’t been any official communication as yet, he had a couple of informal discussion pertaining this. He seems to be confident to placate the situation within three working days and diffuse all hostility that might incur due to the shortage of cash. Why is he so confident? Our reporter also asked him.

“You see, it’s all about process management & our Chief Financial Officer Mr. Gangadhar is far more competent than the entire machineries involved in RBI. But we have to wait till a formal official order”, told Mr. Shaktiman with a sanguine smile.

In the meantime, our correspondent also tried to reach the finance ministry to inquest about the formal confirmation. He was told that all has been put in order. They are waiting for the Prime Minister to return from Britain. Once he reaches home and gives his nod, the circular will be issued and all customer dissatisfaction can be resolved within three working days.