If govt wasn’t ready then how did new Rs 2000, 500 notes come to market, asked Nirmala Sitharamanhttps://indianexpress.com/article/business/economy/no-note-exchange-for-customers-of-other-banks-today-senior-citizens-exempted-4383590/

If govt wasn’t ready then how did new Rs 2000, 500 notes come to market, asked Nirmala Sitharaman

The angst among people due to the decision was escalated after several deaths were reported as a result of people queuing outside banks and ATMs to exchange notes or withdraw cash.

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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.

Banks across the country will remain open on Saturday and follow normal working hours to complete pending work, but only for their own customers. Currency exchange of Rs 500 and Rs 1000 notes will not be allowed today for customers of other banks, the Indian Banks Association said. However, senior citizens are exempted and can go to any bank branch to exchange old notes.

“All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches especially for our existing customers. We, from IBA, have taken a view that tomorrow, that is, on Saturday we shall be exclusively doing work for our own customers. And tomorrow we will not be doing exchange of notes (for outside customers),” IBA chairman Rajeev Rishi said Friday. This move is applicable only on Saturday and from Monday onwards, the people would be allowed to exchange notes at any bank branch.