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Published: Thu, November 17, 2016
Economy | By Melissa Porter

India struggles as millions throng banks to swap currency


- Have been trying to analyse reasons for long queues, it has come to notice that same people are coming again at same places.

Almost a week after the government withdrew Rs 500 and Rs 1,000 notes as part of a crackdown against blackmoney and corruption, queues outside banks and ATMs have only got longer. Hours after the panel was formed yesterday following heated cabinet discussions over demonetisation's dire fallout, the ministers met and chose to meet RBI management over the situation in the state.

He also said the government yesterday extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24. "It has already started at 11 State Bank of India branches in Delhi on Wednesday morning", an informed source said. "Shades/pandals have been placed outside branches and other amenities are provided to make the public more comfortable", Times of India quoted Canara Bank MD & CEO Rakesh Sharma as saying.

Das clarified that the increase in withdrawal limit of Rs 2,500 from ATMs is only valid for recalibrated machines which will dispense one high security Rs 2,000 note and rest in the lower denomination.

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

Ravish Tiwari, a senior manager in a private company, told IANS he has taken leave from office to withdraw money.

Scuffles and heated exchanges were reported from ATMs and banks from many parts of the country. Therefore, I am waiting for my turn to withdraw cash", Tiwari said outside an ATM kiosk in Laxminagar.

He said he had opened a bank account under the Pradhan Mantri Jan Dhan Yojana and held an ATM card.

- Have received reports that many people are trying to convert black money into white by organising groups of people and sending them to exchange money.

Only batches of people are allowed inside, according to the token numbers called out.

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