Long queues at banks to exchange old notes

Indian policemen stand guard as people queue up outside a bank to exchange and deposit Indian currency of rupees 500 and 1000 denominations in Ahmadabad, India, Thursday, Nov. 10, 2016. Delivering one of India's biggest-ever economic upsets, Prime Minister Narendra Modi this week declared the bulk of Indian currency notes no longer held any value and told anyone holding those bills to take them to banks. (AP Photo/Ajit Solanki)

NEW DELHI : 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 today after demonatisation of such bills by the government on Tuesday.
Following the decision, banks were shut yesterday to stock lower denomination cash and new security-featured Rs 500 and Rs 2,000 notes.
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.
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. (agencies)


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