Demonetisation: Observer reviews funds situation in Meghalaya

A Central Government observer today reviewed the fund crisis in Meghalaya post-demonetisation of Rs 500 and Rs 1,000 notes and assured all possible effort to ensure that the issue of availability of smaller denominations is addressed, officials said.
Ministry of External Affairs Financial Adviser Dr Sumeeth Jerath reviewed the situation and took stock of the availability of funds in banks and post offices at a meeting convened by state Chief Secretary K S Kropha and representatives of banks, state Finance Secretary Sanjay Goyal said.
Kropha stressed on the need of adequate availability of money in the state for smooth functioning of the economy and to ensure that the public was not put to any inconvenience during this transition period, he said.

Jerath was assured by the RBI Regional Director that all possible support and help would be given to the state to ease the crisis, Goyal said.
The observer said the Union Finance Ministry had directed that the issue of availability of funds to the state was addressed at the earliest and that he would be visiting the Ri-bhoi, West Khasi Hills and West Jainta Hills districts.
While adequate amount in the denomination of Rs 2,000 notes have been received by the state, Goyal said, the availability of smaller denomination notes was still a cause of concern.

He said Rs 500 denomination notes were expected to reach the state within this week, which would ease the situation to a great extent.

The work on calibration of ATMs for dispensing Rs 500 notes would be completed shortly, he said.
The issue related to genuineness of Rs 10 coins was also discussed wherein the RBI officials here refuted to any rumours.
There is no reason to believe in the rumours and shopkeepers have to accept these coins, Goyal added.