Home » UNC’s economic blockade appears as another factor for currency crisis in the state

UNC’s economic blockade appears as another factor for currency crisis in the state

by IT Web Admin
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Imphal, Nov 21: In addition to the insecure law and order conditions, the ongoing indefinite economic blockade imposed by United Naga Council (UNC) along the two National Highways has turn out to be another factor to the cause of the currency crisis in the state.
Even as banks here in Imphal has started disbursing Rs. 2000 denominations, people in the state still face difficulties in procuring essential commodities due to unavailability of smaller currency note for change.
Source from the bank authorities stated that due to the ongoing economic blockade along the two national High Ways currency notes are being airlifted due to security problem. For the Rs 2000 denominations airlifting expenses is manageable however, for smaller denominations the expenses if airlifted is very high and may amount to heavy losses. In view of the urgent needs for the people of the state, the Rs 100 denominations are sometimes mixed along with the Rs 2000 denomination while being airlifted. Currency notes are usually transported by road but the prevailing situations here in the state left the bank authority helpless so airlifting is left as the only option, the source added.
On the unavailability of the smaller currency notes like Rs. 10, Rs 20, Rs. 50 and Rs. 100 notes which were available in plenty before the announcement of the demonetization of the Rs 500 and Rs 1000 denomination by the Prime Minister Narendra Modi, on the midnight of November 8, the source revealed that the soiled currency notes (which are not usable in market) were usually sent to bank for set up. This process too has been put to halt since November 8 due to the problem of the UNC bandh.

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Imphal Times is a daily English newspaper published in Imphal and is registered with Registrar of the Newspapers for India with Regd. No MANENG/2013/51092


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