- Title: CEYLON: POLICE GUARD DURING RUSH ON BANKS
- Date: 29th October 1970
- Summary: WS Bank of Ceylon 2 1/2 ft CU Sign: Ditto 4 ft MS People queue 9 ft WS Tilt Bank to Queue 16 ft MS Bank and signs 22 ft MS Guards outside bank 26 ft MS Queue 28 ft CU Bank signs 31 ft CU Locked doors tilt to people 37 ft MS Guards and people queue 42 ft CA Police vehicle 44 ft WS Street and bank 50 ft Initials rgh/vs/ac Script is copyright Reuters Limited. All rights reserved
- Embargoed: 13th November 1970 13:00
- Location: COLOMBO, CEYLON
- Country: Sri Lanka
- Reuters ID: LVA6TFSXUMBTE0J24BRUML9NJV9E
- Story Text: The Ceylon Government called in troops on Tuesday (October 27th) to reinforce police and guards at banks in Colombo as thousands of people rushed to cash high value banknotes "demonetised" in Ceylon's budget two days before.
Well before the bank doors opened there were long queues outside the locked doors. This was the first day for banks to open following the budget announcement that 50 rupee (GBP 3.6.0. Sterling) and 100 rupee notes would remain legal tenders until November 3rd.
In his budget, the Ceylonese finance minister, Dr Perara, said he hoped to collect one hundred million rupees (about seven million pounds sterling) from hoarders by withdrawing the large notes from circulation. When their doors opened, the banks were besieged with people converting to smaller denominations.
The Government invoked the Public Security Act to enable troops to help police give maximum security and banks extended their business hours to cope with the rush.
Just before the budget announcement, about 80 million rupees worth of new notes - printed in Britain and bearing a portrait of Ceylon's late premier Mr S. Bandaranaike - were flown into Ceylon in great secrecy.
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