Demonetisation: How cash-strapped people are struggling to get a hold of their money - Firstpost
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Demonetisation: How cash-strapped people are struggling to get a hold of their money

#ATMs   #BJP   #Cash crunch   #Currency   #Demonetisation   #India   #NewsTracker   #PM Narendra Modi  

Nov 14, 2016

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With banks closed in many parts of the country, cash-strapped people started making a beeline, early in the morning, outside ATMs but with limited success as most of the cash vending machines are running dry.

Scuffle and heated exchanges were reported from ATMs and banks from many parts of the country.

india_cr demonetisation

Various sections of the society including small traders, restaurant owners, transporters etc started feeling the heat as the dependence on cash is very high.

Banks are unable to service as heavy rush making it difficult to handle the situation.

After government issued advisory banks have started making special arrangement for elderly and physically challenged.

In a bid to provide convenience to people, the Centre on Sunday eased key restrictions including raising daily withdrawal limit from bank accounts and ATMs as well as increased the amount of old and now defunct currency notes that can be exchanged.

To augment cash supplies, newly printed hard-to-fake Rs 500 notes were also released in market.

Prime Minister Narendra Modi on Tuesday night announced the surprise demonetisation of higher denomination notes.

After a review by the finance ministry, the limit of old and now defunct Rs 500 and 1,000 notes that can be exchanged for freshly minted Rs 2,000 and a new Rs 500 notes was increased from Rs 4,000 to Rs 4,500 yesterday.

Cash withdrawal limit at ATMs was hiked to Rs 2,500 from Rs 2,000 a day.

Over 12,000 Delhi Police, Rapid Action Force and paramilitary personnel were deployed on Sunday to maintain law and order as a large number of people queued up to withdraw money or get their notes exchanged at various banks and ATMs in the city.

Owing to a Sunday, there was more crowd outside banks and ATMs, and personnel of Delhi Police, RAF and paramilitary forces were ensuring that people stay in queues and maintain law and order, a Delhi Police official said.

"More than 12,000 personnel of Delhi Police were manning banks and ATMs across the city. They were ensuring that people stay in queues. We are committed to maintain law and order in the city," Delhi Police spokesperson Rajan Bhagat said.

With inputs from agencies

First Published On : Nov 14, 2016 12:49 IST

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