Crowds mob banks, post offices to change currency

Many of the early birds who managed to withdraw the brand new Rs 500-Rs 2,000 notes clicked selfies and proudly uploaded them on various social media.

By: IANS | Mumbai | Updated: November 10, 2016 8:49 pm
bank queues, 500 rupees, 1000 rupees, currency exchange, rupee, rupee demonetisation, pm modi 2000 rupees, new 500 rupees, new currency, currency exchange, rupee exchange, bank rupee exchange, india news People exchange their old Rs 500 and 1000 notes at a bank in New Delhi on Thursday. (Source: PTI Photo)

After waiting 36 hours, lakhs of anxious people made a beeline for banks and post offices on Thursday to exchange their Rs 500 and 1,000 notes demonetized by the government. Thousands queued up hours before the banks and post offices opened on Thursday across Mumbai and in other major cities like Pune, Nagpur, Aurangabad, Nashik, Kolhapur, armed with the notes and identity papers.

WATCH VIDEO: Here’s What The New Rs 2000 Note Looks Like

While many had filled up the special requisition slips in advance and attached the identity papers, others ran around frantically to get photocopies, where they encountered more long queues, before they could exchange the demonetized notes. Most private and public sector bank branches were jammed with customers. In some places the air conditioners couldn’t take the load and were either shut off or broke down. Others resorted to admitting groups of five to 10 people at a time.

Similar crowds were witnessed at ATMs which also opened up first time since Tuesday night as people rushed to withdraw the permitted amounts for their daily routine expenses. Though independent confirmation was not available, television reports quoted customers complaining that some branches and ATMs had already exhausted their cash stocks within the first couple of hours after they opened for the day.

AUDIO:  Worried About Replacing Rs 500 & Rs 1000 Notes? Don’t Fall For This Fraud Call

Almost like winning a war, many of the early birds who managed to withdraw the brand new Rs 500-Rs 2,000 notes clicked selfies and proudly uploaded them on various social media. But the battle was still not won – outside. They encountered fresh problems as they could not get them changed due to virtual absence of Rs 100 and Rs 50 and other lower denomination notes in the markets.

 

Most ordinary activities of trade and commerce, kirana shops, saloons, multiplexes, malls and others had come to a standstill on Wednesday in the near total absence of customers. Only customers having cards turned up to shop at those outlets accepting credit and debit cards but all others dealing in daily cash transactions including cabbies, took a big hit.

WATCH VIDEO: Banks, Post Offices See Long Queues Of People For Exchange Of Rs 500, Rs 1000 Notes

All banks have been directed to work for 12 hours on Thursday, Friday, Saturday and Sunday to clear the rush of desperate customers for banking transactions, and if required, remain open even next Sunday (November 20). The situation on the roads normalized since Wednesday evening after both the Maharashtra and central governments announced a waiver of toll taxes on all highways till November 11 midnight. Yet, customers resorted to panic purchases of petrol stocks, railway or air tickets to offload their existing stocks of the demonetized notes.

For all the latest India News, download Indian Express App now

First Published on: November 10, 2016 3:32 pm
  1. A
    aakansha
    Nov 12, 2016 at 3:17 pm
    if anyone had no account in post office then also they can excahange notes of 500 or 1000??
    Reply
    1. S
      Sankaran Krishnan
      Nov 11, 2016 at 5:23 am
      Yes though the common man affects due to this sudden development it is an welcome measure and let us suffer for the few days and then it will be an routine affair to carry out the business and personal transactions through ATMs and Banks and let us cooperate with the Govt. for having taken a tough move against Black Money and Hawala transactions.
      Reply
      1. S
        Sankaran Krishnan
        Nov 11, 2016 at 5:25 am
        Yes though the common man affects due to this sudden development it is an welcome measure and let us suffer for the few days and then it will be an routine affair to carry out the business and personal transactions through ATMs and Banks and let us cooperate with the Govt. for having taken a tough move against Black Money transactions.
        Reply
        1. R
          R.Mehta
          Dec 5, 2016 at 2:46 pm
          How come only poor and middle cl are seen standing in lines for transactions in the banks after 8th Nov. .Does it mean the move has no affect on business cl and industrialist as they had been converting their unaccounted money in other ets and were one step ahead of the move of the govt. The other method adopted by the business community is to have changed their currency in connivance with bank officials ,with whonm they have good relations ,because of having taken loans etc from the banks.Is it justified on the part of the govt to make its people stand in lines for hours to do transaction with banks. This was one reason earlier also that those having not very big business instead of using bank facilities were keeping their proceeds in cash and were transacting in cash ,instead of standing in lines for considerable time. With everybody being asked to have an account in bank/post office ,the facilities at these places should also be increased so that time of customers is not wasted in doing their transactions in the banks the prexent situation created by govt ,people of all ages are waiting for hours in lines ,getting into arguments / small altercations and being controlled by police in its own style and are also not getting any friendly treatment from staff of bank as the staff is also under stress because of increased work.The public needs better treatment at banks and other places where public dealings take place ,regarding which none of the govts ,including the present one has done anything.
          Reply
          1. A
            Anand Ch
            Nov 11, 2016 at 12:57 am
            It is not just yet another currency demonetization. It is a heaven sent opportunity to hit back at all those wolves and vultures who have eaten public money. Just imagine how many crores of currency pieces will be rendered useless. How many corrupt rascals would be crying bitterly. Just bear for few days and things will be normal. But going forward every one should refuse to pay in cash, even the bribe should be paid electronically.
            Reply
            1. Load More Comments