Indian banks are right now overflowing with deposited cash from customers, after the demonetization drive initiated by the Govt. As per confirmed reports released by State Bank of India, approximate Rs 53,000 crore has been received by various banks till Friday evening (November 11, 2016).
Out of Rs 14 lakh crore worth of currency in Rs 500, Rs 1000 crore in circulation right now, this is around 3.7% of the overall share.
Compared to this, Rs 1.2 lakh crore of black money was declared by various Indian citizens when Income Tax Dept. initiated special campaign to open up black money deposits. And, almost 1% of Indian GDP.
As per various reports, there can be several things which can done by banks with the currency notes deposited. Some observers are stating that banks can make special stationary and calendars using these old currency notes; or else it would be destroyed.
Overall, Govt. expects Rs 4.6 lakh crore of declarations via deposits in various banks (through Rs 500, Rs 1000 currency) in the next few months. This means that by way of cash deposits, banks would receive enough funds to equate three times of Iceland’s economy.
Free Food, Pizzas For Harried Cashless Citizens
Meanwhile, as long queues infront of ATMs and bank branches refuse to subside, various entities are coming up with assistance for harried, cashless citizens of India.
For instance, a hotel in Akola district in Maharashtra is providing free food to all tourists who are stuck with Rs 500 and Rs 1000 notes, and have no-where to go. In their message, they are asking the tourists to pay next time.
Meanwhile, Pizza Hut has decided to offer free pizzas and water to bank customers who are standing for hours before ATMs and bank branches.
Pizza Hut will provide these free pizzas in Delhi-NCR, Pune, Mumbai and Bengaluru; and are in talks with ICICI Bank, HDFC Bank and others to establishing a delivery process.
SBI Assures Normalization Of ATM Services In 10 Days
State Bank of India has assured all bank customers everywhere in India, that normalization of ATM services would happen within 10 days, and there is nothing to panik or worry about.
SBI said that although there are 2 lakh ATMs in the country, vendors who supply cash to these ATMs are only 3 or 4, which is why loading of cash is taking time.
As per SBI Chairman Arundhati Bhattacharya, in some remote areas, cash is being airlifted by helicopters as well. Prevalent weather conditions and security issues are also taking up time to dispense cash pan-India.
PIL filed against Govt For Currency Ban
Meanwhile, Supreme Court may hear a PIL against the sudden currency ban in India.
When a lawyer sought urgent hearing of this PIL on Thursday, a three-judge bench headed by Justice A.R.Dave said, “Let it be listed on Tuesday if the petition gets numbered by the registry,”
This PIL was filed by lawyer Sangam Lal Pandey, who is seeking to quash November 8th order by Govt. to ban Rs 500, Rs 1000 notes on the ground that it is causing inconvenience to general public.
There has been another PIL filed by Delhi-based lawyer Vivek Narayan Sharma, which can heard next week as well. This PIL has described the described to suddenly ban currencies as ‘dictatorial’, and says that there hasn’t been sufficient time provided to citizens for exchanging the currency notes, which is causing “large scale mayhem, life-threatening difficulties..”
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