Long queues are daily seen at New Delhi office of Reserve Bank of India (RBI) for getting new-designed smaller-sized notes of Rs 50 and Rs 200 in exchange of normally circulated notes with a limit of Rs 5000 per person. It is evident that normally ordinary people will not involve precious working-time in queues for hours for craze of having new currency when it may be in ordinary circulation quite soon.
Evidently mostly those standing in queues are doing so as a part of their business to sell these on premiums or to have an early glance at new currency. RBI should issue these new notes in plenty to start with some select cities through prominent branches of public-sector banks so that public rather than those selling these commercially may get these. Moreover new-designed smaller-sized notes in rest of denominations i.e. of rupees 10, 20 and 50 should be soon issued that too simultaneously so that ATMs may be re-calibrated at one time for new-sized notes of all denominations.
Subhash Chandra Agrawal
(The views expressed by the author in the article are his/her own.)