New Delhi: With banks closed in many parts of the country, cash-strapped people started making beelines outside ATMs from early Monday morning but with limited success as most cash vending machines are running dry.
Scuffle and heated exchanges were reported from ATMs and banks from many parts of the country.
Many sections of the society, including traders, restaurant owners, transporters, etc., started feeling the heat as the dependence on cash is very high.
Banks are unable to function properly as heavy rush making it difficult to handle the situation.
After government issued advisory, banks have started making special arrangements for elderly and physically challenged.
To make it more convenient to people, the Center has eased key restrictions including raising daily withdrawal limit from bank accounts and ATMs. Government has also increased the exchange limit on old and now defunct currency notes.
Government also extended acceptance of Rs 500 and Rs 1,000 notes for public utility and fuel payment till November 24.
To augment cash supplies, newly printed hard-to-fake Rs 500 notes were also released in market.
It was last Tuesday that prime minister Narendra Modi made the surprise announcement on demonetization of higher denomination notes.
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 on Sunday. Cash withdrawal limit at ATMs was hiked to Rs 2,500 from Rs 2,000 a day.
(With agency inputs)
