Maharashtra farmers find way to get around note shortage
Mumbai, Nov 22 Some farmers in western Maharashtra have devised a novel way to get around the problem many others in the country are facing -- that is shortage of small denomination notes and the long queues outside banks and ATMs.
At the annual Yashwantrao Chavan agricultural expo, underway at Karad in Satara district, all one needs to buy anything at around 400 stalls is a 'Yashwant Chalan' -- a 'currency' note bearing the image of late Maharashtra Chief Minister Y B Chavan.
"This Yashwant Chalan is in the denomination of Rs 100 and is valid at all the stalls in the expo. Farmers get 20 of these 'notes' after depositing the new Rs 2000 note. It will help them buy anything at any of the stalls," a member of the expo committee said.
"When the farmer is all done with his shopping, he will be able to exchange the Yashwant Chalan with the genuine Indian currency notes," he said.
"We also accept debit cards and give 'Yashwant Chalan' for that amount to the cardholder," he said.
This idea has evoked a good response as farmers are battling acute shortage of small denomination notes as the bank and ATM network in rural areas is not as robust as that in urban areas, he said.