Man gets Rs 20,000 in 10 rupee coins from Delhi bank amid cash crunch

Prime Minister Narendra Modi’s sudden announcement to demonetise Rs 500 and Rs 1,000 notes in circulation, though welcomed by people across the country, has left many in the lurch.

By: Express Web Desk | New Delhi | Updated: November 19, 2016 11:57 am
demonetisation, currency exchange, delhi customer, coins, 20,000, cooperative banks, india news, indian express Imtiaz Alam, a public relations professional, said that he had to wait four hours before he finally managed to receive Rs 20,000 in coins.

As the nation reels under the effects of the demonetisation crisis, a Delhi man managed to withdraw Rs 20,000, but in denomination of coins of Rs 10.

Imtiaz Alam, a public relations professional, was given the amount in coins as the Jamia Cooperative bank in Jasola was running low on cash. He said he had to plead with the manager as he was in urgent need of cash. The money weighed 15 kilograms.

“The ATM at the bank has not functioned even once since demonetisation came into effect. The bank too is perpetually low on cash,” Alam told indianexpress.com. He said he waited in the queue for close to five hours as he needed the money for an official trip to Goa and to manage other expenses.

demonetisation, currency crisis, note ban, old Rs 500, old Rs 1000, new Rs 2000 note, narendra modi, black money, ATM, banks working today The money in Rs 10 coins that Alam managed to withdraw from the bank

“I went to the manager and requested him to do something. He said they were receiving very little cash from RBI. I was persistent and then he asked if I am okay with Rs 20000 in Rs 10 coins and no notes. I agreed. In 15 minutes, they gave me the coins. I kept them in a bag, put it on my shoulder and walked out,” Alam said.

Prime Minister Narendra Modi’s sudden announcement to demonetise Rs 500 and Rs 1,000 notes in circulation, though welcomed by people across the country, has left many in the lurch and utter state of confusion. It was a step taken by the government to flush black money out of the country. Millions of people have been desperately queuing up outside banks and ATMs to exchange old notes for new ones or withdraw cash.