City Reports

Government Says You Can Exchange up to Rs 4,500, But Banks Yet to Follow Suit

| Updated:
November 16, 2016 7:38 am
Crowd at a bank's branch in MI Road. Photo credit

Crowd at a bank's branch in MI Road soon after demonetisation was announced. Photo credit: Post Staff

Jaipur: Panic situation caused by demonetization is far from over in the city.

Most of the ATMs are closed, and while the government has allowed people to get old currency notes up to Rs 4500 exchanged, most banks are not exchanging the full amount. People across the city complained that banks are exchanging only up to Rs 2,000. Those who approached the banks looking to withdraw Rs 25,000 with cheques were provided only Rs 5,000, according to the reports.

This caused anger among people who had to wait for hours in queues outside banks on Tuesday. Minor incidents of scuffle were reported outside some banks in the city. Police had to intervene and tried to placate agitating people by telling them that the banks didn’t get adequate cash from the Reserve Bank of India due to holiday on Tuesday.
Besides, employees at many banks told people that priority would be given to those who had a bank account with their respective branch.

“I have a bank account with the Punjab National Bank. They ran out of cash and I came to this private bank. They said their customers would be given priority. I don’t know if these banks can do this. They have to treat all people coming to exchange currency notes equally,” said Gopal Ram, a resident of New Sanganer Road.

“I have a bank account with the Punjab National Bank. They ran out of cash and I came to this private bank. They said their customers would be given priority. I don’t know if these banks can do this. They have to treat all people coming to exchange currency notes equally”

Most post offices ran out of cash in the city. People waited for hours outside these offices, only to return empty-handed.

People are forced to take leaves from office to wait outside banks. Who can’t get leaves are sending their children to stand in queues. Many children were seen standing outside banks after school hours on Tuesday.

People are reaching banks as early as 7 am in hopes that they would be able to withdraw cash as soon as the bank.

First published: November 16, 2016
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