Goa set to ensure smooth transactions of 500 and 1000 notes deposit and exchange in the banks

Coming out with this information, Goa Chief Minister Laxmikant Parsekar on Wednesday evening said that earlier in the day, he held a meeting with the managers/ divisional officers of all the banks functioning in the state, as well as the government officials to ensure smooth conduct of particular transactions, in the banks. The government has completed all the administrative preparations, including maintenance of law and order situation, for facilitating the exchange of the now-obsolete Rs 500 and Rs 1,000 denomination notes, as well as depositing of such currency in various private, nationalized as well as co-operative banks in the state.

According to a source, the exercise will start in Goa, along with the rest of the country from November 10, following demonetization of the currency notes of the two particular denominations from the midnight of November 8. “I have asked the bank officials to extend all the help to the public while conducting these transactions, and further told them not to ask unnecessary questions so as to create panic in them,” Parsekar, who holds the finance portfolio added, pointing out that he would personally review the related banking activities at the end and further take up gradation exercise for the same.

Chief Secretary R K Srivastava, state Director General of Police Muktesh Chander and secretary for finance Daulat Hawaldar were also present at the briefing. Speaking further, the Chief Minister said that the District Collectors, the deputy Collectors, and mamlatdars have been directed to assist the banks in the major financial exercise, as also told the police department to handle the law and order situation. “The government is also in contact with the Centre in connection with the particular exercise,” he noted.

Admitting that the people had to face inconvenience on the first day following demonetization of the currencies of two denominations, the Chief Minister said that customers faced some problems at the petrol pumps, as also the tourists, especially the domestic tourists had to leave the state.

“However, this is a short-term botheration, and there would be no more trouble for the tourists visiting Goa, once the banks commence with the said transactions,” Parsekar stated, mentioning that there would be no dip in the tourism revenue in December, which is a peak month for tourist season in Goa.


The Chief Minister further said that the decision of Prime Minister Narendra Modi to scrap the currency notes of Rs 500 and Rs 1,000 denomination would not only reduce inflation and increase the value of rupee but certainly help in providing a cleaner pre-assembly election scenario in the state.

The Chief Secretary, briefing the media said that the tourists stranded in Goa due to lack of currency with them, could on November 10 withdraw up to Rs 10,000 from their banks, or exchange the now redundant currency notes of value up to Rs 4,000. “They can also use their credit cards,” he said. Srivastava also said that the new currency notes would have more security features, which would prevent their counterfeiting.


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