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Published: Tue, November 15, 2016
Economy | By Melissa Porter

ATMs Run Dry Soon After Opening; Queues Continue At Banks


Finance Minister Arun Jaitley said it would take weeks for the banks and ATMs to completely replace the old notes and encouraged people to remain patient, according to the BBC.

The Centre has asked all states to ensure proper security to all banks, ATMs and vehicles transporting cash in the wake of demonetisation of '500 and '1,000 currency notes. I was in urgent need of money to purchase daily essentials, ” said Dibakar Das, after exchanging the old notes at the Standard Chartered Bank branch at Ambari.

After the government scrapped Rs 500 and Rs 1,000 notes, banks were shut on Wednesday, and ATMs were supposed to be out of service for re calibration on Wednesday and Thursday. At present, the withdrawal from ATMs is limited to Rs 2,000 per card in a day till November 18. Once deposited, they can withdraw Rs 20,000 over two days.

Apart from ATMs, serpentine queues were witnessed at banks across the city for the second consecutive day as people thronged to exchange Rs 500 and Rs 1,000 for new currency, some of the banks ran out of cash.

Amid the woes of the harried customers, a 73-year-old person, Vishwanath Vartak, reportedly died in a suburb of Mumbai while standing in one such queue.

The government is also closely monitoring all cash deposits at banks over the next few weeks, with any above 250,000 rupees (US$3,756) liable to be taxed. "We have already been waiting for over two hours just to exchange our currency notes", a customer outside a bank in Modinagar in the northern state of Uttar Pradesh told an Indian news channel.

“Only Rs 2,000 was exchanged after queuing up for more than three hours.

"If it's bad outside the bank, it's complete chaos inside", said Suniti Kumar, a housewife, as she elbowed her way out of a bank through a restive crowd.

ATMs of many banks also ran out of cash in couple of hours as there was a heavy rush. But now, they will have to reconfigure the machines to make them dispense Rs 50, Rs 100 and Rs 2,000 notes.

Until now, all ATMs were programmed to dispense cash of Rs 100, Rs 500 and Rs 1000 denominations.

The Economic Times reported that ATMs can't be expected to be up and running smoothly for another five days. because of overworked staff, technical difficulties, and complicated accounting procedures. This news story is related to Print/163898-India-banks-reopen-to-long-queues-after-rupee-withdrawal/ - breaking news, latest news, pakistan ne.

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