Phagwara:- With the onset of the wedding season, the huge shortage of newly printed Rs 10 and Rs 20 notes has led to high prices and illegal trade across the region. In this regard, banks often talk about the limited availability of small denomination notes, while residents allege that the same currency is being available in large quantities in the market at higher rates through private channels. This has raised serious concerns about internal collusion.
Residents of several villages and towns said that despite repeated visits to the banks, bank counters are unable to provide small notes for normal transactions. However, bundles of the new currency are being sold openly by traders and brokers in local markets. These traders are working in secret collaboration with some bank officials, according to locals.
Customers claim that some bank employees either demanded unofficial payments or referred them to outside agents. In many cases, shopkeepers were found selling bundles of Rs 10 notes for Rs 300-400 more than their original value of Rs 20, while sealed bundles of Rs 20 are being offered for Rs 2400-2500 as against their original value of Rs 2000.
There is resentment among the people as they fear that the circulation of small currency is going into the hands of black marketers. Social workers and community leaders said that the illegal diversion of new notes is causing serious inconvenience, especially for families preparing for weddings and social functions where small denomination notes are required for traditional rituals and gift giving. Due to this, the need for bundles of small denomination notes increases during the wedding season.
The people demanded a thorough investigation into the alleged nexus between bank employees and private middlemen and urged the authorities to implement strict measures to stop unauthorized circulation. The citizens have also urged all bank managers to issue clear instructions to ensure transparent, fair and adequate distribution of small denomination currency.