People throng banks to exchange old Rs. 500, 1,000 rupee notes

People throng banks to exchange old Rs. 500, 1,000 rupee notes
People throng banks to exchange old Rs 500 1000 rupee notes

CHENNAI: It was a manic rush outside most banks across the country on Thursday. People were seen waiting outside many banks as early as 6 a.m. to exchange their now-defunct Rs. 500 and Rs. 1,000 rupee notes.

The government demonitised the two currency notes as a part of its efforts to reduce the spread of black money, fake currency and terror financing.

Chennai Police Commissioner S. George held a meeting with senior police officers and discussed about bandobust arrangements for the smooth exchange of cash at various banks and post offices, a police release said.

Special arrangements have been made to issue pay-in slips, withdrawal slips, note exchanging request slips and to verify documents outside banks.

A customer at an SBI bank says the sudden change of events has been very incovenient. "It's so difficult to buy groceries, pay fees, electricity bills, etc," said the customer.

There are about 149 scheduled commercial banks, including 56 regional rural banks, with branch network of about 1.30 lakh across the country. Besides, the co-operative banks have also been asked to take deposit and exchange the old notes with the new ones.

People throng banks to exchange old Rs 500 1000 rupee notes