Excelsior Correspondent
JAMMU, Nov 10: The customers were put to many hardships today as long queues of people were witnessed in front of all nationalised and commercial banks waiting for their turn to exchange banned Rs 500 and Rs 1000 currency notes and get small denomination notes in return of them.
The huge queues of customers including men and women were witnessed in front of all banks from early in the morning as some were busy in depositing the banned currency notes in their accounts while others were waiting to get Rs 100 and Rs 50 denomination notes in exchange of banned notes.
Some customers were waiting for three to four hours in the queues for their turn to get notes in exchange but they had to return empty handed as various banks refused to exchange the same saying that they have fallen short of money.
The Bank staff and management was also put to lot of trouble to deal with such a huge rush on their counters due to the lack of manpower.
The ignorant people including labourers, nomadic Gujjars and Bakerwals or the daily wagers who had no bank accounts or Aadhar Cards or any other identity proof to open their accounts were most worried as bank management openly rejected taking the notes from them without proper identification and proof.
A group of Bakerwals who had come to exchange the Rs 500 denomination currency notes at JK Bank Bantalab said that some of their community members are unable to get the notes in exchange as they have no Identity proof to open the account.
Mushtaq Ahmed Bakerwal said the Bakerwals are grazing their cattle in the pastures during Summer and shifting to plains in Winter and they make their both ends meet by selling the cattle, sheep, goats and their products like milk, cheese and wool. The money they get by this is utilized for their daily expenses which are limited, he added.
He said most of them don’t have bank accounts and the people who purchase the cattle and sheep from them often pay the currency notes of Rs 500 and Rs 1000 denomination. But after ban they are unable to get the money exchanged to purchase the essential items of daily use and hence put to hardships.
Septuagenarian Mohan Lal of Raipur who was in queue at the JK Bank for three hours to deposit Rs 30,000 said that he had to return as there is a huge queue and the officials of the bank have asked him to come tomorrow.
Same were the views of the other customers who were waiting in the long queues in front of various bank branches in the city and its outskirts. The banks were giving the money upto Rs 4000 in exchange of banned notes but after the shortage of money in their chest many customers had to return empty hands from various JK Bank, PNB and State Bank branches.
On inquiry the bank officials told this reporter that the money given by RBI to them for exchange of notes has been paid to customers since the morning and now they are running short of it as there has been unexpected rush.
Some officials of the banks informed the customers to wait for some time as they have send the requisition for more cash and once it is received the same can be distributed among the customers. However at various bank branches the customers were asked to come tomorrow as there is no money for exchange while the people were seen busy in depositing the banned currency notes of Rs 500 to Rs 1000 denominations.
More perturbed were seen the people in whose families marriages are round the corner and who were short of currency notes of Rs 50 and Rs 100 to make emergency purchases as banned notes of Rs 500 and Rs 1000 were of no use to them now. “We are perturbed as once going to bank for exchange of money we can’t get more than Rs 4000 as we had withdrawn the cash on the same day of the ban for emergency purchases on occasion performing marriage ceremonies”, said Nand Kumar of Gurah whose relative’s marriage was scheduled to take place today.
He said they are in trouble as they can’t even take loan from any body as no one either their relative or neighbour has the currency notes of small denomination.
Some customers seeing huge rush in front of bank branches were apprehensive of same problem on ATMs which are to be made functional from tomorrow.
However despite this all the majority of customers said that they are ready to face hardships but acknowledge the government decision as this will go a long way in giving economic stability to country.
“We are with the decision of PM Modi” said Ravi Gupta running a Kiryana shop in outskirts of Jammu city. He said for some greater good for nation these small problems hardly matter.
“Decision of banning big notes is good and welcomed countrywide. No doubt it will make ‘aam admi’ to suffer for a day or two but actually it is like a surgical strike on money launderers, corrupt and those having black money,” Suresh Sharma said.
He said that common man may suffer due to the instant decision but ultimately he will be getting benefits of such a big move initiated by the Modi Government.
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