Chaos as Millions in India Crowd Banks to Exchange Currency

Posted November 13, 2016

Similarly, people were seen impatiently waiting outside ATMs to withdraw money.

Although orderly, the long queues spilled on to the roads, creating traffic bottlenecks.

The issue of black money in circulation, which is money acquired corruptly or is being withheld from the tax authorities - is a huge problem in india. I have called my office to say I would be late as I am at an ATM. They should have let me exchange at least 10,000 rupees. Serpentine queues started forming near banks before 6am amid tight security that ensured that no law and order situation arises."The rush was already there when I reached the bank", Mukul, an executive at Axis Bank in Noida, told IANS, minutes after it opened at 8am. They did not get time to replenish the ATM machines. A queue system was followed, and forms were made available at the entrance through a bank representative.The people were allowed in the bank premises in batches - only after one batch was catered to the next was allowed inside. I had run out of cash totally.

Besides, the Ministry said, farm income continues to remain tax free and can be easily deposited in bank.

But another small trader who did not wish to be named said that the demonetisation move is going to do no good to the health of the economy. "The central switch needs to be changed and each machine needs to be altered individually, about 200,000 machines", Jaitley told reporters in New Delhi.

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With the banned bills accounting for 86 per cent of money out of circulation, there is tremendous pressure on India's banking system to replenish the cash. "Sales have been down by 50 per cent as people don't have enough lower denominations", they claimed. A senior official of the SBI also said that soiled notes could only be used in branches, but not ATMs, which are too sensitive to handle damaged notes.

Ahmed said that he was standing in the queue for an hour outside the Lakshmi Vilas Bank in Noida Sector 16.

People massed outside over 700 branches of various banks and more than 1,300 ATM booths for the third consecutive day to withdraw cash only to find that the ATM booths in the millennium city were out of cash.

Majority stated that they needed liquid cash for their daily chores, and majority had currency which was recently demonetized by the Centre. "We urge you to use your MobileBanking, PayZapp for payments".

On Tuesday evening, in an unscheduled television address, India's Prime Minister Narendra Modi said the country's two highest denomination currency notes - worth 500 and 1,000 Rupees (or roughly $7.5 and $15) respectively - would be rendered worthless within hours. The exemption from toll on national highways will also continue till the midnight of Monday, thanks to the 72-hour extension.