Fresh Rupee stock to arrive next week, hopefully
The Central bank has collected a total INR 2.4bn of 500 and 1000 denominations
The central bank, Royal Monetary Authority (RMA), is expecting to receive the fresh stock of new Indian currency (INR) 500 and 1000 denomination notes by next week.
RMA has collected a total Indian Rupee worth Rs1.6bn in 500 and 1000 denominations from banks and the public as of November 30, the last day to deposit these currency notes in the banks. The total INR 500 and 1000 denomination notes in the country has reached 2.4bn, including the reserve worth INR 800mn with the central bank.
The Deputy Governor of RMA, Phajo Dorjee, said currently they are collecting the INR from the banks. “The central bank will soon dispatch the INR 500 and 1000 denomination notes
to the State Bank of India,” he said.
The central bank is expecting to get the supply of fresh notes of INR 500 and 2000 denominations by next week from Reserve Bank of India (RBI). However, it is uncertain when the fresh stock would arrive. “The central bank is in constant conversation with the RBI,” said the Deputy Governor.
The stock of INR 100 and lower denomination notes with the central bank stood at 5mn as of yesterday. In this wake, as a precautionary measure, the RMA has limited issuing INR 100 notes to up to 50 people a day.
The central bank has also imposed a freeze on the withdrawal of Ngultrum in exchange for demonetized INR notes of 500 and 1000 denominations.
The Deputy Governor said the RMA would release this money only after the resolution from the governments of Bhutan and India.
The central bank has also reduced the withdrawal of INR, from 10,000 per person per month to INR 5,000. In a day, around INR 1mn is released.
However, the central bank has prioritized withdrawals for medical treatment. “We have advised people travelling to India to use credit cards,” said Phajo Dorjee.
New notes of INR 500 and 2000 denominations are already in circulation in the country, having arrived mainly through informal channels like tourists and small businesses. The central bank has written to the RBI to allow fresh notes to be used in Bhutan. The central bank is yet to get a response from the RBI. “People can use the fresh notes in the country, however, the banks will not accept these notes for transactions,” said the Deputy Governor.
Meanwhile, the central bank has suspected counterfeit notes of the new Indian currency amounting to INR 2000. The notes will be sent to RBI for further verification.