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Follow on Google News | Promoting Cashless Economy : The New Design of the GovernmentHowever, Dr. J. D. Agarwal feels that allowing a withdrawal of Rs. 24,000/- for individuals and Rs. 50,000/- for an institution/ Rationing of this form generally suffers withdrawals of cash from the bank as adopted by banks or government even if an individual/organisation does not need cash. While it results in shortage of the liquidity for large size organisations because of such absolute amount of withdrawals as genuine requirements of cash by different size of organizations, depending upon the nature of the business is different. Small, medium and large enterprises should not be equated in terms of their withdrawals feels Dr. Agarwal. Prof. Agarwal also welcomed the decision of government to stop exchange of currency. Most people who were exchanging Rs. 4000, should have done it through depositing money and withdrawing from the bank as they have bank accounts. For poorer people or people not having an account should have been allowed to exchange of Rs. 1000 with smaller denomination money. The facility has been misused by some resulting into formation of long queues and people facing hardships and media making news. Press Secretary Indian Institute of Finance 45 A, Knowledge Park III, Greater Noida Tel : 9811971002; 0120-6471004 http://www.iif.edu End
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