New notes sold at inflated rates during wedding season: admin warns of strict action

PIONEER EDGE NEWS SERVICE/ Haldwani

Taking a serious note of the piled-up complaints of alleged black marketing of new Rs 10 and Rs 20 currency notes with the wedding season in full swing, the Nainital district administration has constituted special investigation teams to rein in the malpractice. The district magistrate Lalit Mohan Rayal has directed these teams to closely monitor both the market and the banking system.

Notably, during the wedding season, the demand for new notes in smaller denominations suddenly mounts. Taking advantage of this, some individuals are now creating an artificial shortage to sell these notes at double the rate. The district administration sat up after it had received several such complaints. 

The district’s lead bank manager Amit Vajpayee said that the teams, formed by the DM, have been instructed to conduct surprise inspections of various bank branches and currency chests. “These teams will also investigate whether there are any irregularities or deliberate shortages in the supply of notes at the level of banks. If any irregularities or involvement are found at any level, strict legal action will be taken against the banks or the individuals concerned, including filing an FIR,” he said.

Sharing more, he said that the inspection teams would also monitor shops which sell wedding items. “We have received complaints that new notes are being sold at higher prices from these shops. During surprise inspections, if any shop-owner or agent is found selling notes at higher prices, strict action will follow,” he added.

Moreover, the district administration has appealed to the people to immediately inform them once they notice any black marketing or overpricing of new notes.  “We are committed to protect them from fraud, but they should be alert, too,” stated a senior district officer.