Mumbai. The Government of India raised the limit on cash withdrawals from the accounts of banks on Sunday to cool the anger of the public, while millions of people were demanding new notes of rupees after a surprise abolition of the roles of large denomination.
Thousands of people are again expected to stand in front of banks all over the country trying to change the denominations of 500 and 1,000 rupees that the Government took out of circulation on Tuesday in an effort to end corruption.
The indian banks received 3 billion rupees (44.400 million dollars) in banknotes of 500 and 1,000 rupees in the last four days, said the Ministry of Finance in a press release, in a sharp increase in the liquidity in the banking system. It is expected that the interest rates of short-term fall as a result.
The Government relaxed the limits for the cash withdrawal, including a restriction of 10,000 rupees per day, raising the weekly limit to 24,000 rupees from 20,000 and allowing the exchange of banknotes at the counters of the banks to reach to 4,500 rupees instead of 4,000.
The measure to remove the large bills seeks to incorporate into the formal economy a sum of thousands of millions of dollars in cash of wealth is not declared, in addition to hit to the finances of the islamic extremists point to India, and upon whom rests the suspicion of using counterfeit banknotes of 500 rupees to fund operations.
tickets prohibited represent more than 80 percent of the money in circulation, which leaves millions of people without cash and threatens to paralyze an economy driven by the cold hard cash.
the Reserve Bank of India said that the tickets of denomination small were available both in the agency of money as in other lenders.
“people need not be anxious,” and should not accumulate tickets because “there is money available when you need it”, said the central bank in a press release. It also asked banks to provide details of the cash withdrawn and exchanged for a day, instead of a fortnight, to give you a better idea of the circulation.
The measures are known in moments in which the people complained they could not access their accounts despite waiting hours in the banks, and tens of thousands of atms that are not working, because it had yet to be reconfigured for the new series of banknotes of 2,000 rupees, most small.
The Times of India reported that the office of the central bank in the western city of Ahmedabad was handing out coins in exchange for the old notes because you did not have enough valid tickets.
The newspaper showed the image of a man coming out with plastic packages with coins of 10 rupees, highlighting the difficulties of the banking system in the transition to the new series of banknotes.
The prime minister Narendra Modi, who is facing criticism from opposition groups to put in hardships to the common people, promised new measures to rid the country of corruption.
“I Know the forces against me, will not let me live, they can put me in ruin because his haul of 70 years is in trouble, but I am prepared,” he said in a speech in the resort west of Goa. The decision of desmonetizar banknotes of high value planned in secret for the last 10 months, he said.
Modi came to power in 2014 with the mandate to promote economic growth and fight against the corruption that pervades much of the politics and business of India.
Until now, despite the growing difficulties faced by the people, his fight against corruption has been supported particularly by the middle classes who want to measures against the crimes of the political elites and business.
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