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More than Rs. 1000 crore new currency pumped into Goa since demonetisation but Banks still don’t have cash to dispense

The sources have revealed that around 1074 crore currency of new denomination have been pumped into Goan banks since the demonetization but Goa’s banks have always seen starving for the funds. They hardly have any cash to dispense. ATMs are empty and some places it is permanently closed down. The Question is where this money was gone? Let’s take a look at here how the money came in.

According to the sources, the money (new denominations of 2000 and 500 notes) came in three parts. The first installment was of Rs. 200 crore that happened soon after the demonetization. The second installment came in the last week of November Rs. 174 crore and the third and final installment of Rs. 700 crore was received by the banks in the first week of December. Hence the total become Rs. 1074 crore.

The above facts have been confirmed by the senior RBI officials in Goa. According to them, The Reserve Bank of India (RBI) has pumped in Rs. 1074 crore cash through banks in Goa since the demonetization which was announced on November 8, 2016, by the Indian Prime Minister, Narendra Modi. They also confirmed the receipt the above amount came in three installments of Rs. 200 crore, 174 crores, and 700 crores respectively. “We informed the RBI that the demand of currency is more in Goa because it is a tourist state. Due to this, last week, RBI sent a remittance of Rs 700 crores,” said the RBI officials.              

However, sources revealed that banks in Goa were also arranging cash from other bank branches and head offices in neighboring Karnataka and Maharashtra states. This means that overall more than Rs 1,074 crore of cash has come into Goa since demonetisation came into effect and despite that the cash crunch is always prevailing. The 2000 rupees notes are available to some extent but Rs. 500 notes have become completely invisible in the banks. The RBI official said that a remittance of Rs 15 crore worth of new Rs 500 notes reached Goa last Friday, December 2.

Meanwhile, the cases of unaccounted new currency have started coming into the light in Goa. Recently Goa Crime Branch caught two people carrying around 70 lakh cash in the denomination of Rs. 2000 notes while the overall recovery has reached to around 1.5 crore rupees in Goa. This kind of cases has raised the concerns over the authenticity of the new currency available in the market. It is quite evident that banks are not dispensing such huge amount of cash to anyone since the withdrawal limit is set to Rs. 10,000 in the current account and 4000 in savings account. So from where this money is coming in?   

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