Fresh Ru­pee stock to ar­rive next week, hope­fully

The Cen­tral bank has col­lected a to­tal INR 2.4bn of 500 and 1000 de­nom­i­na­tions

Business Bhutan - - Front Page - Dechen Dolkar

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.

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