The wait for the new Rs. 500 notes continued for the third day in a row on Saturday as long queues were witnessed in front of the branches of all banks as people waited patiently to get the old and demonetised Rs. 500 and Rs. 1000 notes exchanged for Rs. 100 and the new Rs. 2000 notes, or deposit the old notes into their accounts.
Each customer is receiving 20 Rs. 100 notes and one new Rs. 2000 note and is not comfortable as no shopkeeper is in a position to provide change for Rs. 2000 note after a purchase. The new currency notes of Rs. 500 are not being issued even now and this is causing a lot of problem for the people as well as the big and small traders. Drop in business volume continued for the third day.
The holiday on second Saturday for the banks has been cancelled and they will work on Sunday also for the convenience of the people. But it is not a satisfactory exercise for people as many ATMs stopped functioning after running out of cash, Rs.100 notes as they are not yet configured to dispense the new Rs. 2000 note, and people are forced to go back to the banks and wait in the long queues in front of the banks.
ATMs of State Bank of India and Andhra Bank have functioned to an extent as the two banks have the facility to replenish the ATMs with currency notes as soon as they are exhausted, while that of other banks downed the shutters very soon.
The over stretched staff and officers of banks are also facing some problem as some customers who have exchanged notes during the previous days are coming back again.
“Some are not aware of the fact that exchange is allowed only once at the bank while some come back intentionally to try their luck or send others. But the computers are rejecting such applications as the details of a customer are noted before his or her old notes are exchanged,” an officer of Andhra Bank at MVP Colony branch Ch.V.V. Satyanarayana and an employee at SBI’s Maharanipeta branch said. The illiterate and poor are being told to deposit their money in the Jan Dhan account and draw from ATMs.
Demonetising Rs. 500 and Rs. 1,000 notes is a welcome step to unearth black money and neutralise counterfeit currency.
However, it is a retrograde step to reintroduce the new Rs 500 note and Rs 2,000 notes as it would again generate black money, president of Federation of AP Industries B.V Rama Rao said.
