A Special Cell set up by the Indian Railways in order to monitor high value transactions
The Indian Railways has taken some steps this Wednesday for the convenience of passengers at the railway stations as well as trains. After the chaos of demonetization of 500 and 1000 rupee notes by the Central government, the railways have set up a separate special cell to monitor transactions pertaining high value at the ticket counters. The passengers are asked to carry a PAN Card for making transactions above Rs 50,000.
Not only this, the railway Minister Suresh Prabhu also announced that they have instructed authorized caterers who work with Indian Railway to accept 500 and 1000 rupee notes from passengers on the trains as well as at the railway stations.
Since a lot of people were queuing for platform tickets worth Rs.10 and giving a 1000 rupee note for it, Mr. Prabhu announced that platform ticket counters would not accept 500 or 1000 rupee notes for such small transactions.
In order to keep a track of transactions of at the railway ticket counters, unusually high-value transactions all over India are being updated every two hours. This information was given by Mohammad Jamshed who is the Railway Board Member. He also said that making PAN Cards mandatory for transactions worth 50,000 INR or more has helped in the tracking process. For example, the rate of tickets for the first class coaches on Delhi-Chennai route could amount to something around 56,000 INR.
Jamshed also said that Indian Railway is taking efforts to ensure that no passengers face inconvenience in booking tickets and 500 and 1000 rupee notes are accepted at all the counters. Although, he did mention that the number of people coming with 500 and 1000 rupee note is high in an unusual way. As a result, there has been a problem with notes of the lower denomination at the ticket counters. However, this problem has also been solved because instructions from the Finance Ministries have been issued to get notes of the smaller denomination from the RBIs regional offices. Henceforth, enough reserves of smaller currencies will be available at the railway ticket counters.