Hyderabad: In a major relieve to the cash crunch which the city’s residents have been facing since the old Rs 500 and Rs 1,000 notes were banned, the brand new Rs. 500 currency notes have arrive in Hyderabad. As of now the notes can be withdrawn only from ATM.
Prime Minister Narendra Modi had abolished 500 and 1000 rupee denomination notes and announced to issue new notes of 500 and 2000 denomination. However only Rs. 2000 notes were issued between November 10 to 23. since Rs. 500 notes were not in circulation getting change was a Herculean task for citizens.
Finally the RBI’s regional branch ensured delivery of Rs 100 crores of 500 rupee denomination notes to all local banks and recalibrated ATMs today. However the facility of withdrawing 500 notes is limited to ATMs only. Many withdrew freshly-minted currency notes from ATMs. More 500 notes are on their way to Hyderabad and will reach the city within a week. Soon new 500 currency will also be issued through banks.