MSMEs write to RBI regarding non acceptance of Rs 10 & 20 notes by banks

Ludhiana, Aug 24 (KNN) Micro, Small and Medium Enterprises (MSMEs) are claiming that some banks have stopped accepting Rs 10 and Rs 20 notes from them due to which they are facing huge problems.

In this regard, the Chamber of Industrial & Commercial Undertakings (CICU) has dashed off a letter to Reserve Bank of India (RBI), Chandigarh regarding non-acceptance of Rs 10 and Rs 20 notes by banks.

"Banks have stopped taking small denomination (mainly Rs. 10 and Rs. 20 notes) from the depositors, which is creating lot of chaos among the depositors and the Industry, as there is no notice published by the RBI and other authority regarding non-acceptance of Rs 10 and Rs 20 notes by banks,'' said S Upkar Singh Ahuja, President & Pankaj Sharma, General Secretary, CICU in a statement.

In the letter CICU has asked to resolve the issues and issue directions to the banks to accept Rs 10 and Rs 20 notes.