ACCI serves ultimatum to State Bank of India

Itanagar, Jan 18: The Arunachal Chamber of Commerce and Industries (ACCI) has served a 15-day notice to the State Bank of India (SBI) to make notes of Rs 50, 20 and 10 denominations available to the traders and consumers.

ACCI sources said here today that the ACCI also threatened to launch an agitation against the SBI if its demands were not met. An ACCI team, led by its general secretary T Nachung, yesterday met the SBI regional manager here and submitted a written complaint, copies of which were made available to the state Finance Minister and General Manager of the Reserve Bank of India (RBI).

Meanwhile, SBI AGM T K Banerjee contacted Guwahati RBI DGM S Maria, who had assured to dispatch the lower denominations within a week, the sources informed.

Mr Banerjee also appealed to the apex traders' body of the state to give wide circulation to the 50-paise coin, as there were misconceptions among the consumers that the coin was invalid and not acceptable in the state.

The ACCI, as a follow-up, requested traders and consumers to accept 50-paise coins, saying any dispute on its validity would be the SBI's and ACCI's responsibility, the sources added.

UNI