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12 Kerala treasuries cashless on salary-pension day

IANS  |  Thiruvananthapuram 

Thousands of people were left standing outside treasuries and banks in on Friday - the first salary-pension day after the November 8 demonetisation, as 12 state treasuries remained cashless till the close of working hours (6 p.m.), said a Minister.

State Finance Minister Thomas Issac, in Friday night press release reiterated that there was no financial crunch -- rather the crunch was of currency.

Despite that, there were no reports of any untoward incident, he said.

"Banks did not have the required money to disburse. At the close of working hours, 12 state treasuries were unable to disburse money as cash did not arrive. In 42 treasuries till 11.30 a.m., no money was received and in 10 money arrived only afternoon. Today what the treasuries received was Rs 111 crore," said Issac.

There are 157 banking treasuries in the state.

While the ATMs have a ceiling of Rs 2,000, the withdrawal limit in treasuries and banks were fixed at Rs 24,000 a week and hence the rush was less at ATMs.

As a precautionary measure, additional police force was deployed in front of several banks and treasuries across the state.

At Kasargode, due to shortage of currency, many who came to the treasury could get only Rs 10,000 as the available cash was much less than what was required.

Issac also slammed Prime Minister Narendra Modi for the ban on high value currency that created a cash crisis across the country, citing a report of the Centre for Monitoring of Indian Economy that has observed that the total cost of the exercise will cost the exchequer Rs 128,000 lakh crore.

"It includes the collection of old notes, printing and distribution of new currency and the opportunity cost. When you look at what was the gain -- it is more or less around the cost incurred,

"So why put people into trouble," he asked.

"I am here since 8.30 a.m. and the treasury office was already full by then and am still waiting like everyone else," said a pensioner waiting for his turn to withdraw money.

"On Wednesday, I tried to get some money from my bank account, but after getting a token, I was told there was no currency, hence I had to return," he added.

In Kerala's commercial capital Kochi, the scene was much the same with people -- mostly pensioners -- queuing up in front of treasuries and banks.

"We are told that the treasury will have extended working hours and will function till 6 p.m. Despite suffering on account of Modi's new directives, I fully endorse this scheme," said a pensioner waiting patiently for his turn to withdraw money.

He said he hoped that things would get better in the days, weeks and months to come.

State Bharatiya Janata Party leader J.R. Padmakumar, however, alleged that there was a secret understanding between Issac and RBI officials.

"We suspect that there is some secret understanding between the officials of the RBI and Issac to create an artificial crisis, just to play spoilsport to an excellent programme to give the economy a boost," he said.

--IANS

sg/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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12 Kerala treasuries cashless on salary-pension day

Thousands of people were left standing outside treasuries and banks in Kerala on Friday - the first salary-pension day after the November 8 demonetisation, as 12 state treasuries remained cashless till the close of working hours (6 p.m.), said a Minister.

Thousands of people were left standing outside treasuries and banks in on Friday - the first salary-pension day after the November 8 demonetisation, as 12 state treasuries remained cashless till the close of working hours (6 p.m.), said a Minister.

State Finance Minister Thomas Issac, in Friday night press release reiterated that there was no financial crunch -- rather the crunch was of currency.

Despite that, there were no reports of any untoward incident, he said.

"Banks did not have the required money to disburse. At the close of working hours, 12 state treasuries were unable to disburse money as cash did not arrive. In 42 treasuries till 11.30 a.m., no money was received and in 10 money arrived only afternoon. Today what the treasuries received was Rs 111 crore," said Issac.

There are 157 banking treasuries in the state.

While the ATMs have a ceiling of Rs 2,000, the withdrawal limit in treasuries and banks were fixed at Rs 24,000 a week and hence the rush was less at ATMs.

As a precautionary measure, additional police force was deployed in front of several banks and treasuries across the state.

At Kasargode, due to shortage of currency, many who came to the treasury could get only Rs 10,000 as the available cash was much less than what was required.

Issac also slammed Prime Minister Narendra Modi for the ban on high value currency that created a cash crisis across the country, citing a report of the Centre for Monitoring of Indian Economy that has observed that the total cost of the exercise will cost the exchequer Rs 128,000 lakh crore.

"It includes the collection of old notes, printing and distribution of new currency and the opportunity cost. When you look at what was the gain -- it is more or less around the cost incurred,

"So why put people into trouble," he asked.

"I am here since 8.30 a.m. and the treasury office was already full by then and am still waiting like everyone else," said a pensioner waiting for his turn to withdraw money.

"On Wednesday, I tried to get some money from my bank account, but after getting a token, I was told there was no currency, hence I had to return," he added.

In Kerala's commercial capital Kochi, the scene was much the same with people -- mostly pensioners -- queuing up in front of treasuries and banks.

"We are told that the treasury will have extended working hours and will function till 6 p.m. Despite suffering on account of Modi's new directives, I fully endorse this scheme," said a pensioner waiting patiently for his turn to withdraw money.

He said he hoped that things would get better in the days, weeks and months to come.

State Bharatiya Janata Party leader J.R. Padmakumar, however, alleged that there was a secret understanding between Issac and RBI officials.

"We suspect that there is some secret understanding between the officials of the RBI and Issac to create an artificial crisis, just to play spoilsport to an excellent programme to give the economy a boost," he said.

--IANS

sg/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

12 Kerala treasuries cashless on salary-pension day

Thousands of people were left standing outside treasuries and banks in on Friday - the first salary-pension day after the November 8 demonetisation, as 12 state treasuries remained cashless till the close of working hours (6 p.m.), said a Minister.

State Finance Minister Thomas Issac, in Friday night press release reiterated that there was no financial crunch -- rather the crunch was of currency.

Despite that, there were no reports of any untoward incident, he said.

"Banks did not have the required money to disburse. At the close of working hours, 12 state treasuries were unable to disburse money as cash did not arrive. In 42 treasuries till 11.30 a.m., no money was received and in 10 money arrived only afternoon. Today what the treasuries received was Rs 111 crore," said Issac.

There are 157 banking treasuries in the state.

While the ATMs have a ceiling of Rs 2,000, the withdrawal limit in treasuries and banks were fixed at Rs 24,000 a week and hence the rush was less at ATMs.

As a precautionary measure, additional police force was deployed in front of several banks and treasuries across the state.

At Kasargode, due to shortage of currency, many who came to the treasury could get only Rs 10,000 as the available cash was much less than what was required.

Issac also slammed Prime Minister Narendra Modi for the ban on high value currency that created a cash crisis across the country, citing a report of the Centre for Monitoring of Indian Economy that has observed that the total cost of the exercise will cost the exchequer Rs 128,000 lakh crore.

"It includes the collection of old notes, printing and distribution of new currency and the opportunity cost. When you look at what was the gain -- it is more or less around the cost incurred,

"So why put people into trouble," he asked.

"I am here since 8.30 a.m. and the treasury office was already full by then and am still waiting like everyone else," said a pensioner waiting for his turn to withdraw money.

"On Wednesday, I tried to get some money from my bank account, but after getting a token, I was told there was no currency, hence I had to return," he added.

In Kerala's commercial capital Kochi, the scene was much the same with people -- mostly pensioners -- queuing up in front of treasuries and banks.

"We are told that the treasury will have extended working hours and will function till 6 p.m. Despite suffering on account of Modi's new directives, I fully endorse this scheme," said a pensioner waiting patiently for his turn to withdraw money.

He said he hoped that things would get better in the days, weeks and months to come.

State Bharatiya Janata Party leader J.R. Padmakumar, however, alleged that there was a secret understanding between Issac and RBI officials.

"We suspect that there is some secret understanding between the officials of the RBI and Issac to create an artificial crisis, just to play spoilsport to an excellent programme to give the economy a boost," he said.

--IANS

sg/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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