- Title: Indians rush to banks to collect new currency
- Date: 10th November 2016
- Summary: NEW DELHI, INDIA (NOVEMBER 10, 2016) (REUTERS) PEOPLE QUEUING OUTSIDE INDIA'S LARGEST STATE-RUN BANK, STATE BANK OF INDIA (SBI) IN DELHI'S OLD QUARTERS EXTERIOR OF THE BANK VARIOUS OF PEOPLE QUEUING OUTSIDE THE BANK VARIOUS OF POLICEMEN CONTROLLING THE CROWD DEPUTY GENERAL MANAGER OF SBI'S CHANDNI CHOWK BRANCH IN DELHI'S OLD QUARTERS, SHAILENDRA KUMAR, LOOKS ON AS PEOPLE WAIT OUTSIDE THE BANK (SOUNDBITE) (Hindi) DEPUTY GENERAL MANAGER OF STATE BANK OF INDIA'S CHANDNI CHOWK BRANCH, SHAILENDRA KUMAR, SAYING: "We have opened 25 counters and the exchange of old notes is going on smoothly. People are being told not to worry and panic as the exchange can be done till 30th of December and it will be done daily. The banks will be open till late, so there is no need to worry." VARIOUS OF PEOPLE QUEUING UP OUTSIDE THE BANK POLICEMEN STANDING OUTSIDE THE BANK MORE OF PEOPLE WAITING OUTSIDE THE BANK (SOUNDBITE) (Hindi) DELHI RESIDENT, MANOJ KATARIA, SAYING: "No doubt that this (demonetisation) has caused a lot of inconvenience but if this helps the country, then it should be carried on."
- Embargoed: 25th November 2016 08:50
- Keywords: Banks India currency New Delhi Patna Nagpur
- Location: NEW DELHI/PATNA, BIHAR/NAGPUR, MAHARASHTRA, INDIA
- City: NEW DELHI/PATNA, BIHAR/NAGPUR, MAHARASHTRA, INDIA
- Country: India
- Topics: Government/Politics
- Reuters ID: LVA00157V279H
- Aspect Ratio: 16:9
- Story Text: EDITORS PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL
Anxious Indians on Thursday (November 10) rushed to the banks, which opened after a day's break, across the country to deposit defunct currency notes and collect new ones.
Long serpentine queues were witnessed outside banks of all major towns and cities as people jostled to get lower denomination currency for their daily basic needs.
Bank authorities said they were ready to deal with the crowd surge and urged them to not panic as the government had set the deadline up to December 30 for people to deposit the defunct notes in their bank accounts.
"We have opened 25 counters and the exchange of old notes is going on smoothly. People are being told to not worry and panic as the exchange can be done till 30th of December and it will be done daily. The banks will be open till late, so there is no need to worry," said Deputy General Manager of country's largest state-run bank - the State Bank of India's branch in Delhi's old quarters.
The jump in the footfall was a result of Indian Prime Minister Narendra Modi's decision to withdraw 500 and 1,000 rupee notes from circulation in a bid to flush out money hidden from the tax man.
"No doubt that this (demonetisation) has caused a lot of inconvenience but if this helps the country, then it should be carried on," said a Delhi resident, Manoj Kataria.
Police were deployed in large numbers to ensure law and order and a smooth demonetisation process in the national capital.
While the exchange of money was smooth in some places, there were scenes of chaos elsewhere as people complained of waiting too long to get their business done.
"It's 10:00 a.m. (0430 GMT), why has the bank not opened yet? Why does the government make such an announcement? This has caused trouble to the common man. Modi has done a good job but the banks should follow the guidelines set by the government. But they are not doing it. We have been waiting here for two hours and our exchange should have been finished by now. They are creating a nuisance," said a resident from eastern Patna city, Rampal Singh.
Thursday's rush mainly included people who did not have enough smaller currency notes for daily expenses and needed to exchange their high denomination notes urgently.
However, there was also a section of people who queued up to be among the first ones to lay their hands on the brand new 2,000 rupee notes that were being issued.
"These notes look really good. People should not taint them by writing on them. I hope I can find some change for the 2,000 rupees note," said a resident from central Nagpur city, Kishori Lal.
Modi's ruling Bharatiya Janata Party came into power in 2014 promising to bring billions of dollars of black market money into the regular financial system. Critics said it had failed to deliver on that promise.
India's "black economy," a term widely used to describe transactions that take place outside formal channels, amounted to around 20 percent of gross domestic product, according to investment firm Ambit.
- Copyright Holder: REUTERS
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