Employees whose salaries have been credited are worried when they will be able to withdraw their money as queues outside banks are expected to increase once again.
The people whose salary has been credited in their bank accounts are likely to face a torrid time to withdraw their money from banks as there is shortage of cash after Modi government’s flawed demonetisation drive. The first day of every month brings a smile on everybody’s faces when they receive their pay cheques but this time people are anxious about when they will receive cash in hand. The queue outside banks is expected to increase after the disbursal of salaries to government, private sector employees. Even people working in the unorganised sector like maids, delivery boys, construction labours will face hardships as their employers are finding it difficult to pay them due to cash crunch problem. Ever since the government had scrapped Rs 500 and Rs 1000 notes cash flow has been disrupted in the market as people are hoarding smaller denomination notes of Rs 50 and Rs 100.
Even though some of the ATMs were dispensing cash some other were shut due to shortage of cash. While many others are yet to recalibrated and it may take some time for situation to improve. Some of the ATMs have been refilled only once after the demonetisation drive was announced. While notes of Rs 100 and Rs 500 are not available in many ATMs and they are dispensing Rs 2,000 note. People are finding it difficult to avail change for Rs 2,000. While some banks have already pasted notice informing customers that only Rs 2,000 note is available for withdrawal which is adding to the woes of the people. The liquidity crunch is not going to ease anytime soon. RBI has informed banks that it is monitoring the situation closely and assured them that crisis will be resolved soon.
Most private companies in India credit salaries to their employees on the last day of a month even as labour laws allow wages to be disbursed on any day before the 10th of the next month.
Sushil Singh an accountant from Borivali said. “Even though my salary has been credited but I have to stand in long queue to withdraw my own money. The government should have performed some ground work before taking such decision which is causing huge inconvenience to people.”
Arvind Singh a marketing executive from Kandivali said, “The government has asked citizens to go cashless but it won’t happen overnight. They should have undertaken the demonetisation drive by establishing the necessary infrastructure in place for avoiding hardships caused to people. They should have first connected villages with broadband so that people don’t face issues while performing online transactions.”
“Everything has come to a standstill. Worse, many online payments systems are jammed due to the sudden heavy traffic and payments are pending,” fumed a pharmaceutical consultant P. Venkataraman from Kandivali,.
After demonetisation of high denomination currency notes 86 per cent currency has gone out of circulation and adequate alternative arrangements have not been made to replace them with lower denomination currencies. Several banks ran out of cash as some of them even complained that they were getting cash much below their required quota.
On the other hand, some organisations have opted for alternative mode to enable employees to overcome the cash shortage crisis. A manufacturing firm has partnered with four provision stores and will distribute tokens worth Rs 1,000, Rs 500 and Rs 200 to its employees. Employees can redeem these coupons at these stores and the amount will be deducted from their bank account.