Pay day: Huge lines across the country, but not a lot of money to withdraw

Demonetisation: While many branches are yet to get the new Rs 500 notes, notes of Rs 100 are in short supply and people are reluctant to accept Rs 2,000 notes.

By: Express Web Desk | New Delhi | Updated: December 1, 2016 1:47 pm
Senior citizens stand in a queue outside an SBI branch to exchange old notes in Amritsar. (PTI Photo)

With pay day having arrived and salaries expected to be disbursed to employees in firms across the country and by the government to its staff, banks and ATMs are facing massive crowds in the wake of demonetisation of old Rs 500 and Rs 1000 currency notes. According to the Reserve Bank’s order, a person can withdraw Rs 24,000 against a withdrawal slip or cheque subject per week, including ATM and bank withdrawals. However, the shortage of cash has forced banks to cap the withdrawal limit as per their fund availability to cater to maximum customers. While many branches are yet to get the new Rs 500 notes, notes of Rs 100 are in short supply and people are reluctant to accept Rs 2,000 notes.

WATCH VIDEO: Petrol Pumps, Air Ticket Counters Will Not Accept Old Rs 500 Notes After December 2

Several banks and ATMs in Delhi have been shut or are lying defunct because of cash shortage and technical issues for the past few days. Kolkata saw long queues on Wednesday itself, even as people tried to avoid the pay day rush. The rush for cash on Wednesday hit boiling point, giving the West Bengal government and police a preview for what may happen on Thursday. In Gujarat, the union of state government employees had demanded that the state government pay the salaries of employees for the month of November in cash. But salaries of employees will be done as per regular practice of depositing the same in their bank accounts.

With many bank branches getting half of the cash required, on a daily basis, unions had earlier asked Indian Banks’ Association to advise banks to ask for police protection in branches to provide proper security to the staff.

HIGHLIGHTS

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First Published on: December 1, 2016 9:00 am
  1. M
    MyTake
    Dec 1, 2016 at 8:12 am
    Only 500 Rupee notes should be printed to make for the 500 and 1000 Rupee notes. Whatever 1000 and 2000 Rupee notes circulated/printed should be taken out of circulation, gradually - by replacing what ever comes to the bank keeping it! This will help to go for cashless transactions.
    Reply
    1. R
      Raj Dhulia
      Dec 1, 2016 at 7:47 am
      Now Modi bashers will blame the PM even for this.
      Reply
      1. K
        kris
        Dec 1, 2016 at 12:16 pm
        you are commenting on IE - doesnt that mean you have a decent net connection - and why arent you using card?
        Reply
        1. F
          Fuddu
          Dec 1, 2016 at 12:22 pm
          sarcy :P
          Reply
          1. C
            comet
            Dec 1, 2016 at 7:28 am
            ignore this news, line was 3 weeks ago. all is good now
            Reply
            1. A
              A.RAJAMOHAN
              Dec 1, 2016 at 9:40 am
              Fantastic Mr.Narendra Damodhar Modi! You have freed this country from corruption, black money and counterfeit money with your innovation. Now milk and honey are flowing through the roads. Everybody is happy under your rule!!
              Reply
              1. X
                xyz
                Dec 1, 2016 at 1:29 pm
                Those who are patriotic should not complain. Similarly those who voted for the Ringmaster should not complain.
                Reply
                1. S
                  shamim
                  Dec 1, 2016 at 11:52 am
                  Weldon...let desh bhakts stand in queues for months
                  Reply
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