Your Wait for New Currency Will Get Longer

Long queues were witnessed at banks and ATMs, which opened after two days on Friday as people rushed to get new banknotes in lieu of their old defunct bills.

People in the court complexes were seen discussing about the demonetisation of Rs 500 and Rs 1,000 currency notes.

“We’re working round the clock to ensure they are replenished”.

Things will become normal gradually.

“I am struggling for rupees and have no choice but to stand in queue”.

At a small ICICI Bank branch in Calcutta, tucked away from public view.

The Ministry of Road Transport and Highways said that, to ensure smooth movement of traffic on highways, the government had made a decision to extend the suspension of fees on all toll plazas on National Highways across the country till the midnight of November 14.

Post the big announcement, all the citizens were given merely 4 hours to go to the ATMs and withdraw money in the denomination of 100 as the government announced that the banks and ATMs would be shut down for the following two days, the second of which, is today. Ironic but it happens only in India where banks have failed consistently in every such emergency situation.

A customer, who deposited Rs 10,000 at a bank, has written “Modi” as the reason/purpose of payment in the pay slip, which has started doing the rounds on social media. He checked out two ATMs in his vicinity in Juhu. Banks charge you a transaction fee if you transacted more than five times at your own bank’s ATM. The SBI group, which includes associate banks, has 55,000 ATMs across the country.

Pandit Hosalli, district Lead Bank manager, said that it was a country wide technical issue and it would take some time to reset the ATMs.

Most people had similar experiences to share.

ATMs of various banks in south Mumbai, Lalbaugh, Parel, Dadar, Andheri, Ghatkopar and Mulund were found to be out of service and not dispensing money, forcing people to return empty-handed.

On Tuesday night, in a move described as audacious and praised by many entrepreneurs and financial experts, Prime Minister Narendra Modi announced that starting in just four hours, at midnight, Rs 500 and Rs 1,000 notes would be removed from circulation. “There is no money lying at home and I have to get some notes at any cost”.

“If it’s bad outside the bank, it’s complete chaos inside”, said Suniti Kumar, a housewife, as she elbowed her way out of a bank through a restive crowd.