Demonetisation: lukewarm relief despite long queues, Limits of withdrawal raised

New Delhi: Long queues were witnessed in front of banks and ATMs on the fourth day today post-monetisation to exchange and deposit currency with people wanting to make most of their Sunday. Though the last three days saw ATMs running dry of cash, the situation was much bettter today. An officer at Jeevan Deep Building at Patel Chowk said,'you will see the situation easing out within the next two-three days. Though there will be serpentine queues, but the normalcy will be restored.' President of All India Gramin Bank Officers Organisation, Deepak Bhalerao, wholeheartedly supporting Prime Minister Narendra Modi's initiative, said,'Rs 37,000-crore has since been exchanged or withdrawn through branches or ATMs and Rs 2, 80,000-crore deposits poured into the bank kitty.

And the figure is constantly increasing.This is certainly going to help the Indian economy grow leaps and bounds.' Less chaotic scenes were witnessed today with people following the government's diktat in an orderly and disciplined fashion. Some people in order to overcome the tiredness were seen with bottles of soft drinks and snacks. Today being a holiday, all members of the families had plunged into the 'money withdrawal spree' with them queuing up at different banks and ATMs in the capital to have the maximum. With transactions by people gaining pace, the economic activities in the country which almost got suspended post-monetisation are coming back on track.

A vegetable vendor at Vasant Kunj area said,"I was unable to sell my vegetables for the last two days as people hardly came but today few turned up and I made some money.' But now people are understanding the government's clear intention of rooting out black money and corruption, they are with the government even if they are inconvenienced for a few days.

A hawker at Munirka village said,"This is the best way to extract the last 500 note of black money. I am with Modiji in his endeavour.' Economic Affairs Secretary Shaktikanta Das has announced that all denominations of currency notes, including of Rs 1000, will be reintroduced with new design and features. Finance Minister Arun Jaitley has advised people to not head to banks in a hurry as there was enough time to deposit or exchange old notes.

Currency ban: Ordeal for cash-starved citizens continues unabated

Ordeal of the cash-starved citizens continued unabated for the fifth consecutive day today - despite being a Sunday - as millions of people waited anxiously in front of ATMs and banks to exchange notes and take currencies. Although the government had ordered that all banks across the country will function on the weekend, larger crowds thronged in front of banks and ATMs as tomorrow (Monday) is likely to be a public holiday on account of Guru Nanak Jayanti.

 In East Delhi, South Delhi and parts of Central Delhi, people including elderly and women, in large numbers were seen standing in queues to get the valid currency notes needed to meet their daily expenses. Even as the patience seems to be running out among a large section of those standing up in meandering queues, bank officials maintain it would require at least 7-8 days to bring normalcy in banks. "It is an off today (Sunday) but we have to stand in queue foregoing other works and the necessary rest. I have no cash to buy essentials and even the money to go office during the week ahead," said Jagat Singh, an employee of a popular IT company.

Some people who were standing in the queue showed patience and praised the bank officials for working extra hours. "We understand the hardship and the patience game the bank employees are in. I appreciate the manner they are discharging their duties," said Sunil Bhatia in East Delhi. The government has, however, admitted that the common man is facing inconvenience. On Saturday, Union Finance Minister Arun Jaitley said it may still take up to two-three weeks for ATMs to start functioning normally. "ATMs could not have been calibrated (before the demonetisation announcement) because of secrecy issue," he explained even as about 1.2 lakh ATMs out of an estimated total 2 lakh ATMs are running out of cash in few hours, leaving people frustrated.

In many banks, officials explained additional counters have been opened to help the customers. In some branches, senior bank officials, including AGMs, have been pressed into service to dispense cash at many branches. However, in some places there were also reports of heated exchanges between hassled customers and overworked bank officials. Prime Minister Narendra Modi on November 8, Tuesday, night announced that Rs 500 and Rs 1,000 notes would no more be considered legal tender. Initially, the government allowed three-day to use old currency in some public services counters but later extended it till November 14 midnight. The deposit of old 'banned' currency notes in banks either in the customers' account or for exchange have been allowed till December 30, 2016.

Limits of withdrawal from banks, ATMs raised

The Government today asked banks to raise the weekly withdrawal limit to Rs 24000 from the existing Rs 20,000 and also to increase the daily withdrawal limit from ATMs to Rs 2500 from the existing Rs 2000. Along with this, the limit of Rs 10,000 per day withdrawal has been removed. Banks have also been advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500 While the recalibrated ATMs will dispense Rs 2500, other ATMs will continue to dispense Rs 50 and Rs 100 notes until they are recaliberated.

These decisions were taken after the Union Finance Ministry today, reviewed the position regarding availability and distribution of all denomination of bank notes. The limits on withdrawals from banks and ATMs had been placed from the November 10 when they had opened after the Prime Minister’s announcement on November 8 evening that Rs 500 and Rs 1000 currency notes were being scrapped as part of measures to curb black money. (UNI)