Phagwara, Nov 26: A sudden spike in demand for small-denomination notes during the wedding season has led to an acute shortage of Rs 10 and Rs 20 currency across Punjab, with locals alleging that the scarcity is manufactured to benefit private sellers.
Residents said banks have repeatedly turned them away, citing limited supply, even as fresh bundles of the same notes appear easily in local markets. “We visited the branch three times, but they said there were no small notes,” a Barnala farmer said. “Outside, traders were selling them at a premium. How does that happen without inside help?”
Bundles of Rs 10 notes worth Rs 1,000 were reportedly being sold for an additional Rs 300–400, and Rs 20 bundles valued at Rs 2,000 were allegedly priced as high as Rs 2,500. Shopkeepers said buyers—especially families preparing for weddings—had no choice. “People need these notes for gifts and customs, so they pay whatever is asked,” a shopkeeper admitted.
Community leaders said the diversion of new currency has created widespread anger and fear of organised black marketing. “It is causing huge inconvenience to families,” a social worker said. “Authorities must intervene before this becomes routine.”
Residents have demanded a formal inquiry into the alleged link between bank staff and private intermediaries and sought strict instructions to banks to ensure fair access to small notes.
