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New 500 Rupee Notes Reach Vijayawada

New 500 Rupee Notes

Demonetization and the ban on the 500 and 1000 rupee currency came as a huge blow to the nation. Coupled with the fact that the government laid down limits for currency exchange and ATM withdrawal, the nation is seeing an economic upheaval of sorts. Though the last week saw things getting back to some sort of normalcy with new currency being loaded into the ATM machines across the nation, the shortage of the new 500 rupee notes was quite apparent. With lots of 2000 rupee currency and the 100 rupee notes, everyone has been finding it hard to render changes. Andhra Pradesh as a whole too has been victim to this problem.

However, a few days ago the Government declared that the new 500 rupee currency would be soon dispatched to the various cities of the state. The citizens of the state have been waiting with baited breath for this currency as they believe this would be a solution to their problem of rendering change. Yesterday was the day when the new 500 rupee notes finally made their way into the city of Vijayawada. The RBI said that this is a pilot project which is why they would be loading the notes in a few numbers for the time being.

Irrespective of what the Center has in its mind, the release of these notes into the financial market of Vijayawada has surely been a welcome relief. If sources are to be believed, the State Finance Secretary is the one to be thanked for this sudden influx of new notes. He stayed put in Delhi and made all efforts to make the Center take a quick action in sending the new currency to the major cities of Andhra Pradesh.