Demonetisation: Long queues at banks to exchange old notes

Withdrawal from ATM will be restricted to Rs 2,000 per day per card in the first few days, which will later be raised to Rs 4,000.

By: PTI | New Delhi | Updated: November 10, 2016 8:55 pm
Rs 500 Rs 1000 notes, India demonetisation, banks, currency exchange India, Bank security India, news, latest news, India news, national news Indian policemen stand guard as people queue up outside a bank to exchange and deposit Indian currency of rupees 500 and 1000 denominations. (AP Photo)

Long queues were seen outside banks across the country and also at RBI counters for replacement of old Rs 500 and 1,000 notes as banks opened on Thursday after demonetisation of such bills by the government on Tuesday. Following the decision, banks were shut on Wednesday to stock lower denomination cash and new security-featured Rs 500 and Rs 2,000 notes.

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Banks have made additional arrangements for exchanging cash and deposit of old high denomination notes in order to handle heavy rush. Banks have been asked to be open on weekends including Sunday to deal with the situation. It may be noted that ATMs are not functional today.

In order to meet the demand of new currency notes, the government has imposed a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit, however, will be increased in the coming days. People have have been allowed to exchange old notes of Rs 500 and Rs 1,000 at any bank or head post office or sub-post office with a daily limit of Rs 4,000 while showing ID proof up to November 24.

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Withdrawal from ATM will be a restricted to Rs 2,000 per day per card in the first few days, which will later be raised to Rs 4,000 later. People, however, can deposit the old notes of Rs 500 and Rs 1,000 in banks or post office accounts from November 10, till December 30, 2016 without any limit.

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  1. Rathna LK
    Nov 10, 2016 at 7:31 am
    This is a very good move and iam extremely happy that this bold step is taken.But,one should remember that our country is a load of more than 100 crore potion ...With this potion any kind of reforms,need to be done giving much time to the common man.My humble request is don't look down on the common people as a herd.During election we take the risk to stand in queues hours together to see the rulers of our choice in Parliament.And the same rulers,though we are not as big as them, should atleast think of the plights that we undergo if things are done like this in a hurry and in short;br/gt;lt;br/gt;I thank the govt for taking a bold step to bring out black money..because i don't know the multiple effects it's going to have but like anyother,as i read news i understood this one is good.