Beelines at ATMs as banks closed Today

ATM-WEFORNEWS

New Delhi, 14 Nov: As the banks are closed Today, long queues of people were seen outside ATMs in many parts of the Country to exchange banned currency notes.

People started forming queues from the early morning but with limited success as most of cash vending machines are running dry.

In many areas, anguished mobbed also exchange heated conversations and scuffle were also reported in many areas.

Many elderly people were also seen standing in lines for hours.

Banks are also facing challenges in handling the situation due to the heavy rush.

However, after government’s advisory banks have started making arrangements for elderly and physically challenged.

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

In a wake to provide convenience to people, the centre also hiked the withdrawal limit from bank accounts and ATMs as well 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 withdrawal of old currency of Rs 500 and Rs 1000.

Read Full Story at : Government hikes withdrawal limits at banks, ATMs

After a review by 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 from ATMs was hiked to Rs 2,500 from Rs 2,000 a day.

 Wefornews Bureau

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