Wedding rush triggers Rs 10-20 currency crunch in Punjab; note bundles sold at premium rates

A severe scarcity of newly printed Rs 10 and Rs 20 notes has allegedly triggered widespread overpricing and illegal trade across the region, prompting public outrage during the peak wedding season.

While banks continue to report limited availability of small-denomination notes, residents allege that the same currency is circulating abundantly through private channels at inflated rates, raising serious concerns about internal collusion.

Residents from several villages and towns said that despite repeated visits, bank counters have been unable to provide small notes for routine transactions. However, bundles of fresh currency are reportedly being sold freely in local markets by traders and brokers who, according to locals, are operating with the tacit support of certain bank officials.

Customers claim that some bank employees either demanded unofficial payments or redirected them to outside agents. In multiple instances, shopkeepers were found selling Rs 1,000 worth of Rs 10 notes only after adding an extra Rs 300 to Rs 400, while sealed bundles of Rs 20 notes were allegedly being offered for Rs 2,400 to Rs 2,500 against their actual value of Rs 2,000.

Public resentment is growing amid fears that the circulation of small currency is slipping into the hands of black-marketers. Social workers and community leaders said the illegal diversion of new notes is causing severe inconvenience, particularly to families preparing for weddings and social functions where small denominations are traditionally required for customary rituals and gifting.

They demanded a thorough probe into the alleged nexus between bank staff and private intermediaries and urged authorities to enforce strict measures to curb unauthorised circulation.

Citizens have also appealed for clear instructions to all bank managers to ensure transparent, fair, and adequate distribution of small-denomination currency.