Introducing the New Indian Rupee: Long Bank Queues, Cash Runs Low

Banks open. First day of the new Indian rupee witnesses long queues, cash run out, uneven availability of new notes.

Long queues were witnessed in front of banks, with people lining up from 8 am in the morning. (Photo: The Quint)

Banks opened today after Narendra Modi declared his war on black money. Mr Modi introduced a new demonetisation policy, scrapping all existing 500 and 1000 rupee notes. Banks witnessed long queues as people lined up to exchange/deposit their old cash, and make new withdrawals of the new currency. People started queuing up early, at some places even at 8 am.

Confusion and general chaos prevailed at most banks, with quarrels and heated arguments breaking out often.

All banks are exchanging a maximum of Rs 4000 in old 500 and 1000 rupee notes per day. People could also deposit cash in their own accounts, without a limit. Only deposits of more than Rs 40,000 requires providing your PAN. People can also withdraw money from their respective banks through cheques or withdrawal slips (in case of home branch).

The new 2000 and 500 rupee notes were unevenly available across banks. Also, getting change for Rs 2000 is a problem as not many 500 rupee notes are in circulation. Many banks also ran out of cash, and people, including account holders were asked to come back again. Policemen were present at all banks and aided in controlling the rush.

Video Editor: Percy Bhardwaj