Railways seek banks help to tender lower denominations

Facing a surge in buying train tickets including platform tickets over the counters using Rs 1000 and Rs 500 notes as these are allowed at rail premises, railways today sought banks' help in providing lower denominations in return.
Railways carry out about Rs 100 crores worth ticketing business in a day, out of which about Rs 40 Cr is over the counters and rest is on e-platform.
"Despite banks being closed today, we are in talks with them (banking authorities) to get rupee notes of lower denominations like Rs 10, Rs 50 and Rs 100 to manage our booking counters," said Railway Board Member (Traffic) Mohd Jamshed.

Welcoming the decision for banning of higher denomination notes, Railway Minister Suresh Prabhu said, "It will benefit the people, society and country. Genuine customers will not have any problem because of this."
"Since Rs 1000 and Rs 500 notes are allowed at rail premises, our booking counters are witnessing rush with people buying tickets using higher denominations. Even people are using Rs 1000 notes for buying a platform ticket which is just Rs 10," Prabhu said here today.
In a move against black money and corruption, government has banned the use of high denomination notes of Rs 500 and Rs 1000 since last midnight.

However, these notes will be allowed to be used at a few places like airports, hospitals, petrol pumps and railway stations till November 11 as the government has exempted these services from the ban for two days to prevent inconveniences to common man.

"We have taken all possible steps to help passengers at stations and instructions have been issued to all concerned for this," Prabhu said.
Besides allowing Rs 500 and Rs 1000 notes at ticket counters, Prabhu said catering establishments at rail premises have also been told to accept the higher denominations from the customers.
He said yesterday's counter collection money is also being used today to manage the pressure.

Jamshed further said that in order to help passengers with Rs 1000 and Rs 500 notes, "food counters at rail premises are also accepting these notes".
He said though higher denominations are allowed for buying tickets, PAN card will be necessary for the buying of tickets worth over Rs 50,000.
Earlier it was inflow and outflow of currency notes at equal pace but now the outflow is heavier, he added.