With cooperatives barred from exchanging notes, rural people

Image
Press Trust of India Shimla
Last Updated : Nov 18 2016 | 9:07 PM IST
With cooperative banks not authorised to exchange defunct currency notes, it is people living in rural and remote areas of Himachal Pradesh, mostly farmers, who have found themselves bearing the brunt of the Centre's demonetisation move.
Most of these farmers have accounts in cooperative and Gramin banks as they have taken loans from these financial institutions.
With their hardship in mind, Chief Minister Virbhadra Singh has urged the Centre to allow cooperative banks to exchange the scrapped currency notes.
The state government has provided a helicopter for rushing Rs 2,000, Rs 100, Rs 50 and other small denomination notes to far-flung, remote and tribal areas of the state to ensure adequate of valid currency.
As per official sources, currency notes worth Rs 29 crore have already been airlifted and sent to tribal areas.
With the advent of winter, snowfall is also likely in the coming days in these high altitude areas.
The state government is ensuring that all essential commodities including foodgrains, fuel, fodder and other items are stored in advance to tide over the winter months when such areas remain cut-off due to closure of high mountain passes after snowfall.
After the demonetisation move, Rs 650 crore had been deposited in the 15 main banks in Kangra district alone, while currency worth Rs 50 crore had been exchanged, official sources said.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Nov 18 2016 | 9:07 PM IST

Next Story