RBI had issued Rs. 17,500 Cr New Currency to Telangana State – Union Minister of state for Labour and Employement Shri Dattatreya

Telangana will get another Rs. 1500 Cr New currency of smaller denominations in Very Soon

Labour Ministry takes steps to encourage cashless transactions among workers

Hyderabad, 13th Dec,(Maxim News): Union Minister of state for Labour and Employement shri Dattatreya today said that RBI had issued Rs. 17,500 Cr New Currency to Telangana State. While addressing the media at Provident Fund Commissioner office (EPFO) Barkathpura, Hyderabad today the Union Minister said that a review meeting was held with the Higher Officials of RBI and lead banks of Andhra Pradesh and Telangana, Finance minister of Telangana and Chief Secretaries of Andhara Pradesh and Telangana at Hyderabad today.

Several issues were discussed in the meeting like various issues arisen out of the demonetization of Higher denomination currency of Rs.500/- and 1000/-, availability of currency Notes, Accessibility of ATMS, Availability of Smaller Denomination Currency etc.

The Union Minister further said that Telangana state is entitled for Rs. 20, 000 crore which is equivalent to 5 % of the GDP and that an amount of Rs. 17,500 Cr have been disbursed by the banks of the Telangana State. Rs. 5000 Cr. New currency is required in smaller denominations immediately and it would come to Telangana State from RBI very soon. Rs. 33,000 Cr. New currency was disbursed in Telangana and Andharapradesh.

He also said that Government of Telangana state welcomed the decision taken by Prime Minister Narendra Modi and the state government follows the guidelines and decision of central government.

The union minister stated that several initiatives were already taken by the Labour and Employment Ministry to encourage workers in the unorganized sector to open bank accounts. Ministry of Labour and Employment has been organizing camps in collaboration with the Department of Banking and Finance Ministry, to open bank accounts for workers in the unorganized sector like construction, beedi, and scheme workers like Anganwadi, Asha and cine workers, who still don’t have bank accounts through field offices like ESIC, EPFO and Labour offices.

Presently In the unorganized sector 3.28 Lakh Bank accounts were opened in Both the States, In Andhara pradesh the total number of accounts are 2. 11 lackh and Telangana it is 1.17 Lakh. The Union Labour Minister Bandaru Dattatreya further said that along with State government of Telangana, He urged the union government and Union Finance Minister Arun Jaitley to issue more and lower denomination notes — Rs 10, Rs 20, Rs 50 and Rs 100– in large numbers, as this will be beneficial to the large number of workers, and the common man.