With several banks shut, more chaos to prevail

RSTV Bureau
New Delhi: View of an ATM at South block in New Delhi on Sunday. PTI photo

New Delhi: View of an ATM at South block in New Delhi on Sunday. PTI photo

The queues leading up to the banks and ATMs don’t seem to be any shorter. Matters got worse on Monday as several banks were shut on account of Guru Nanak Jayanti. As a result the queues at the few ATMs working, got even more long.

Cash-strapped people stood in queues outside ATMs from early morning. Most people had little success as most of the cash vending machines have been running dry very quickly.

Scuffle and heated exchanges were reported from ATMs and banks from many parts of the country.

In a press briefing, Secretary at the Department of Economic Affairs Shaktikanta Das said that ATMs will start dispensing higher denomination currency of Rs 2,000 either from from today or tomorrow.

In a bid to provide convenience to people, the Centre on Sunday eased key restrictions including raising daily withdrawal limit from bank accounts and ATMs. The government also increased the amount of old and now defunct currency notes that can be exchanged.

To augment cash supplies, newly printed hard-to-fake Rs 500 notes were also released in market.

People wait in a long queue to exchange their old Rs 500 and Rs 1000 notes outside Reserve Bank of India in New Delhi on Sunday, 13 November 2016.

People wait in a long queue to exchange their old Rs 500 and Rs 1000 notes outside Reserve Bank of India in New Delhi on Sunday, 13 November 2016.

Old notes worth Rs 4500 can be exchanged per person per day from the bank or authorised post offices. Earlier the limit was set to Rs 4000.

Cash withdrawal limit at ATMs was also hiked to Rs 2,500 from Rs 2,000 a day.

Many sections of the society including small traders, restaurant owners, transporters among others have been severely hit by the demonetisation in a bid to root out black money.

Last week, Prime Minister Narendra Modi announced the surprise demonetisation of higher denomination notes.

On Sunday the Prime Minister appealed to the people to bear the inconvenience for about 50 days and stand with him in the fight against corruption and black money.

(With inputs from PTI)