TURA: Christmas shopping has become much harder for the people of Garo Hills in the wake of a massive shortage of Rs 500 currency change as banks have been left with no option other than to hand out Rs 2000 currency notes as the smaller denomination failed to find room in the latest release of money by the Reserve Bank of India for Garo Hills region.
The State Bank of India is now hoping against hope that the situation would normalise by next week when the new notes of Rs 50 and Rs 20 are released for Garo Hills.
The hoarding of the new 500 currency notes by some traders and members of the public has resulted in the new denomination virtually disappearing from circulation.
Angry customers could be found in almost all bank branches on Wednesday and Thursday as they were able to withdraw only the 2000 currency notes from ATMs and bank counters.
When contacted by The Shillong Times on Thursday the regional branch manager for Garo Hills acknowledged the gravity of the situation.
“Yes there is a shortage of the Rs 500 notes because this time RBI had released only the Rs 2000 notes,” said the Assistant Regional Manager.
The SBI had dispatched its indent to the RBI last week seeking sufficient supply of Rs 500 and Rs 100 notes as it was found that the two denominations were the biggest requirement for trade and commerce.
However, when the cash arrived early this week there were no new 500 and 100 notes.
“We are hoping to tide over the situation by next week when sufficient new Rs 50 and Rs 20 notes are released for Garo Hills,” claimed the bank official although many are not buying the assurance given since the currency shortfall is taking place at the RBI itself.
Meanwhile, SBI officials have clarified that the Kharkutta incident where some angry customers pelted stones after not being able to withdraw cash took place towards the evening hours.
“The bank staff attended to the customers throughout the day and several lakh rupees transaction took place but towards the closing hours the money was exhausted and only a few customers could not withdraw which led to the incident,” said SBI officials.
The SBI has approached the RBI, Guwahati, to ensure sufficient cash in smaller denominations is released to the Garo Hills at the earliest in view of the upcoming Christmas season.
