The Chief Minister of A.P, Chandrababu Naidu has finally decided to go for cashless online transactions within the government works to meet the scarcity of currency in the state.
It’s been 13 days since the currency ban and the State’s position are not at all improved regarding the currency ban. Currency scarcity is so evident in the State as the government is witnessing huge drops in income to the state. Frustrated CBN finally decided to go for Online Transactions to make payments within the government. He urged all the government institutions to make payments through online until the position in the state becomes normal. He asked all the banks to cooperate until the enough money gets deposited in the banks.
CBN further assured everyone by declaring that the RBI has sent 2000 crores of new currency on Sunday and within one week, this situation will be improved. He asked everyone to change their currencies at banks as the new currencies notes are available from Monday. However, he was not happy with the sent money as there are no new 500 notes. 1600 crores are of new 2000 notes and 400 crores are of 100 notes denominations. He has asked Private sectors to make their payments online rather than cash due to the currency scarcity.