Cash available for first of month | Fusion - WeRIndia

Cash available for first of month

Cash available for first of month

After the demonetization of higher currency notes, several people still managed to survive the month with relative ease due to card usage and e-payment methods.

However, the reason is that most of the cash needs were over for families by the time demonetization happened.

Now, a new month has started and everyone would be receiving their salaries.

These days, many companies transfer salaries directly to the bank accounts of the employees.

Many employees are asking their employers to pay cash instead of bank transfer. But it is hard for the employers to do so as well.

Most middle class and salaried individuals will now be getting salaries but have no way of accessing that cash.

However, it seems that the government is trying to make sure there is enough cash for people to take cash in the new month.

There are reports that the supply of ₹500 notes is being increased immediately to reduce shortage of notes.

In the past couple of days, the supply of cash was kept tight, so more cash would be available for withdrawals on paydays.

Officials announced that notes of ₹100 increased after Prime Minister Narendra Modi announced demonetization.

However, there were people hoarding notes of smaller denomination.

According to a source in finance ministry, many ₹500 notes are ready to be circulated. It was said that the process of printing and releasing takes about 21 days and they are now ready for circulation.

Even with such precautions, it is expected by many people that salaried individuals would be facing a lot of trouble in the start of month. The banks and ATMs are continuously witnessing long queues even in midnight times. While the queues have gone down by a bit, they are expected to be large with the start of a new month.

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