To ease cash crunch : Centre asked all states to collect smaller denomination currency notes from the worship places
In a letter sent to the Chief Secretaries of all states and Administrators in UTs on November 16, the Finance Ministry had said that, in recent days, there has been a sharp rise in demand for small denominations currency notes.
Director (FI) of Finance Ministry Ashok Kumar Singh said in the letter that it is important that smaller denomination currency notes from all sources are quickly put into circulation to cater to the demand.
The Finance Ministry also asked the states to collect smaller denomination currency notes from places of worship received contributions from devotees and deposited in the bank branches immediately.
In the letter, the Union Finance Ministry asked the states that the cash held by such establishments should be immediately deposited in the bank branches where the establishments have their accounts.
Recently, Union Finance Minister Arun Jaitely said that the present cash crunch situation will be normalized within short period.
(Reporting by Hemanta Kumar Nath)
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