Phagwara, Nov 26: Punjab is witnessing a sharp shortage of Rs 10 and Rs 20 notes during the peak wedding season, leading to inflated prices for small-denomination bundles and prompting allegations of illegal diversion, residents said.
Villagers and town residents reported making repeated trips to banks only to be told that fresh currency was unavailable. Yet, the same notes are allegedly being sold openly by private traders at marked-up rates. “It is surprising how banks don’t have the notes, but shopkeepers do,” a resident from Moga said. “Someone inside is clearly feeding the market.”
Locals claimed that some bank staff demanded unofficial payments or directed them to outside agents. In several markets, Rs 1,000 in Rs 10 notes was reportedly being sold for Rs 1,300 to Rs 1,400, while sealed Rs 20 bundles worth Rs 2,000 were allegedly priced between Rs 2,400 and Rs 2,500. “Families getting ready for weddings are the worst hit,” said a community leader. “We need small notes for rituals, and paying extra is unfair.”
Social workers said the situation has allowed black-marketers to monopolise the circulation of new currency. They urged the government to act. “There must be a probe into the role of bank officials,” a local volunteer noted. “People want accountability.”
Residents have appealed for clear directions to bank managers to ensure fair, transparent distribution of small-denomination currency.
