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Long Queues, Cash Crunch On Day ATMs Open After Currency Swap

Money, money, money.

11/11/2016 12:56 PM IST | Updated 11/11/2016 1:21 PM IST
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Chennai: Women show their new Rs 2000 notes after exchanging their old Rs 500 and Rs 1000 notes at a bank in Chennai on Thursday.

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

Many ATMs ran out of cash in couple of hours as there were heavy rush to withdraw lower denomination currency. Most of the machines were equipped to tender Rs 100 notes, while some were still not working.

Banks are saying that they are trying to recalibrate their machine for higher denomination notes, it will take some days before they start tendering new high security Rs 500 and 2000 notes which is expected to ease pressure.

However, to ensure customer convenience, banks have been asked to provide all cash withdrawal transactions at their ATMs free of cost till 30 December.

Banks across country are witnessing heavy rush on the second day as people gathered to get new banknotes in exchange of old bills.

After the government scrapped Rs 500 and Rs 1,000 notes, banks were shut on Wednesday, and ATMs were supposed to be out of service for re calibration on Wednesday and Thursday.

In the financial capital of the country, shutters of ATMs of State Bank of India, HDFC Bank, Bank of Baroda, Yes Bank, Dena Bank were down in many parts. ATMs of many banks reported running dry.

PTI
Bodhgaya: Tourists from Singapore waiting in a long queue at a bank for exchanging their old 1000 and 500 rupee notes in Bodhgaya on Thursday. PTI Photo (PTI11_10_2016_000264B) *** Local Caption ***

From today onwards, customers are allowed to withdraw up to Rs 2,000 per day from ATMs till November 18. The withdrawal limit will be raised to Rs 4,000 per day per card from November 19, 2016.

In the two days when the ATMs were out of service, the banks said they will re-configure their ATMs to dispense Rs 100 and Rs 50 notes.

However, Prime Minister Narendra Modi lauded citizens for their "patience" and the "orderly manner in which they are getting the notes exchanged in banks". In a series of tweets, the Prime Minister also said that the government is "unwavering in its effort to create an India which is corruption free and in ensuring that the fruits of development touch every citizen."

Here are some reactions from the streets on social media, captured in tweets and agency photos:

PTI
New Delhi: People queue up outside a bank to exchange their old Rs 500 and 1000 notes in New Delhi on Thursday. PTI Photo by Atul Yadav(PTI11_10_2016_000218B)

PTI
Srinagar: A customer deposting his demonetised Rs 500 and Rs 1,000 notes at a bank in Srinagar on Thursday. PTI Photo by S Irfan (PTI11_10_2016_000219B)

Dry

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