Shillong, November 22: A review meeting was convened today by the Chief Secretary Mr K S Kropha, Meghalaya, to take stock of availability of funds in the Banks and Post Offices etc in view of Demonetization of 500 and 1000 rupee notes. The meeting had the presence of Dr Sumeeth Jerath, Additional Secretary and Financial Advisor, Ministry of External Affairs, GoI who has been deputed to the state to assess the situation the officers of RBI, all major banks and the Postal Dept.
Remittance offunds received by various Banks in the State was reviewed and it was noted that though adequate amount in the denomination of rupee 2000 notes have been received in the State, the availability of smaller denomination notes was still a cause of concern. It was informed in the meeting by the RBI that Rs. 500 denomination notes are expected to reach the State within this week and this will ease the situation to a great extent.
Dr Sumeeth Jerath informed that he had consultations with the Regional Director, RBI, Guwahati and he had assured all possible support and help to the State. He further informed that adequate directions have been issued by the Ministry of Finance to ensure that the issue of availability of funds to the State is addressed in the right earnest. He will be visiting the Ri-bhoi, West Khasi Hills and West Jainita Hills Districts during his visit.
It was informed that most of the ATMs in the State have been calibrated to dispense the Rs. 2000 notes and the work on calibration for Rs. 500 notes would be completed shortly.
The Postal Department informed that in addition of 68 nos of Sub Offices in the State, 438 Branch Offices would also be distributing and exchanging the money. This is expected to further ease the pressure on the banks as well as help the public in the rural areas. SBI was advised to ensure adequate availability of lower denomination currencies and coinage to the Department of Post for the purpose.
The issue related to genuineness of Rs. 10 Coins was also discussed. The CGM RBI Shillong informed that the Central Office RBI has already clarified that all the Rs. 10 coins in circulation are genuine and can be used for transaction and purchase etc. There is no reason to believe in the rumours and the shopkeepers should accept these coins.
The Chief Secretary mentioned that all measures are being taken to ensure adequate availability of money in the State for smooth functioning of the economy and to ensure that the public is not put to any inconvenience during this transition period.
