Long queue seen at a bank in Kochi on Thursday. Photo: Josekutty PanackalKottayam: Long queues were seen outside banks across the state for replacement of old Rs 500 and 1,000 notes as banks opened Thursday after demonetization of such bills by the government on Tuesday.
In Kochi, commoners faced hurdles in exchanging notes as some bank officials insisted that they needed bank accounts to avail the facility. Though it has been said a person could exchange Rs 1,000 and Rs 500 notes at any bank or head post office or sub-post office with a daily limit of Rs 4,000, some banks in Kochi refused to pay more than Rs 2,000 to a person due to apparent shortage of currency.
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Lack of money in cooperative banks and post offices in Kannur district put many in trouble in the morning. People of Thrissur also faced some trouble owing to delay in stocking of money in post offices.
Heavy rush was seen t SBI branch at Kasaragod on Thursday.Meanwhile, it is learnt that there will be a delay in stocking of new notes in the denomination of Rs 2,000 in ATMs in the state due to technical glitches.
Following the decision on demonetization, banks were shut Wednesday to stock lower denomination cash and new security-featured Rs 500 and Rs 2,000 notes.
Banks have made additional arrangements for exchanging cash and deposit of old high denomination notes in order to handle heavy rush.
Banks have been asked to be open on weekends including Sunday to deal with the situation.
ATMs are not functional Thursday.
In order to meet the demand of new currency notes, the government has imposed a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit, however, will be increased in the coming days.
People throng Ettumanoor branch of SBI for exchanging old notes.People have have been allowed to exchange old notes of Rs 500 and Rs 1,000 at any bank or head post office or sub-post office with a daily limit of Rs 4,000 while showing ID proof up to November 24.
Withdrawal from ATM will be a restricted to Rs 2,000 per day per card in the first few days, which will later be raised to Rs 4,000 later.
People, however, can deposit the old notes of Rs 500 and Rs 1,000 in banks or post office accounts from November 10, till December 30, 2016 without any limit.
(With inputs from various bureaus and agencies)
