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 the now defunct Rs. 500 and Rs. 1,000 notes, deposit them in their accounts and withdraw money.
The Income Tax department, for its part, conducted multiple raids in Delhi, Mumbai and other cities in the wake of reports of alleged profiteering and subsequent tax evasion by converting withdrawn currency notes in an illegal manner.
The government demonetised the two currency as part of its efforts to tackle the triple menace of black money, fake currency and terror financing.
There are about 149 scheduled commercial banks, including 56 regional rural banks, with a 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 new ones.
It may be noted that ATMs are not open today also.
Old Rs. 500 and Rs. 1,000 notes would be accepted for payment of fees, charges, taxes and penalties to Central and State governments, including municipalities and local bodies, Economic Affairs Secretary Shaktikanta Das said. >Read more
In a related development, the Supreme Court has refused to give an urgent hearing to a petition to quash the November 8 government notification demonetising the notes. >More....
IT raids
The Income Tax department on Thursday conducted multiple raids in Delhi, Mumbai and other cities in the wake of reports of alleged profiteering and subsequent tax evasion by converting withdrawn currency notes in an illegal manner.
Officials said the operations were being carried out at least at four locations in the National Capital, including popular market places such as Karol Bagh, Dariba Kalan and Chandni Chowk, three locations in Mumbai, and few others in Chandigarh and Ludhiana.
Till reports came in, similar survey operations are also understood to have been launched in two south Indian cities.
Sources said the department had received “actionable inputs” that some traders, jewellers, currency exchanges and hawala dealers were allegedly exploiting the recent demonetisation of Rs 500 and Rs 1,000 notes and were exchanging currencies at “discounted” prices, thereby profiteering illegally. >Read more
Here are the moments captured across the country:
Vijayawada
People made beeline for banks to get new currency in exchange of Rs 500 and Rs 1000 notes in the city.
A few banks in places like One Town and suburbs witnessed unexpected queues even before they were opened.
The average waiting time in queues varied from 20 minutes to one hour depending upon the rush and type of transaction. Depositing money took lesser time than exchanging them.
Banks opened dedicated 'exchange counter' to change notes. The customers, who were unaware of the mandatory rule to bring photocopies of KYC documents were guided to nearby photocopy centres.
Chennai
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.
Long queues were seen outside banks in many localities of the city. Here is a scene outside the IOB bank in Arumbakkam. Our reporter Sunita Sekar says only a few people were allowed inside the bank at a time and heavy security has been deployed outside many of the banks in the locality.
There are also reports of some banks not having Rs. 2,000 notes.
Madurai
Special arrangements were made to issue pay-in slips, withrawal slips, note exchanging request slips and to verify documents outside banks. A scene outside an SBI Bank in Tallakulam.
Photo: S. Sundar
New Delhi
As many 3,400 personnel of paramilitary and Delhi Police, along with quick reaction teams, were deployed across the national capital.
The Home Ministry has kept about 1000 personnel at standby for immediate deployment in case of any emergency, official sources said. About 200 quick reaction teams are positioned in various parts of the city, sources said.
A customer outside an SBI branch 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. Video: R.V. Moorthy
Mumbai
Maharashtra Finance Minister Sudhir Mungantiwar has urged people not to panic in the wake of the demonetisation move, as the government has made elaborate arrangements for the exchange of Rs. 500 and Rs. 1,000 rupee notes at bank branches.
Mr. Mungantiwar said besides nationalised and private banks, the State has asked its central district cooperative banks and district cooperative banks to accept the old demonetised notes.
A person filling up a form in the Saraswat Cooperative Bank in Dadar East in Mumbai. Photo: Smaran Shinde
Mr. Mungantiwar also said the government has asked Maharashtra Director General of Police (DGP) Satish Mathur to deploy police personnel at banks to deal with law and order situation.
“The government will also depute its Revenue Department officials at banks to assist them and the people in filling up the currency notes exchange forms,” he told reporters here.
Banks across the city opened up to long, serpentine queues as people rushed to their local branches first thing in the morning to deposit high denomination currency notes in their accounts or to exchange them for lower denomination currency, with people turning up at the banks as early as 7:30 am. >Read more
A scene outsidea a branch of Bank of India Borivali. Photo: Lalatendu Mishra
Thiruvananthapuram Huge crowds and long queues were seen before bank branches across Kerala from early morning, with people, mostly salary earners, jostling with each other to get their Rs. 500 and Rs. 1,000 denomination notes exchanged with new notes.
A scene inside the State Bank of Travancore branch in Sasthamangalam. Photo: S. Mahinsha
Banks have opened several additional counters to facilitate smooth exchange of notes. However, the demand was so high that at many branches, the bank branches could only issue tokens in exchange for currency notes surrendered by customers, with the promise that new notes would be given to them by afternoon.
Bhubaneswar The Odisha government has asked the district collectors and superintendents of police to ensure the smooth functioning of banks.
“We have asked the district collectors and SPs to make arrangement so that bank functioning is not affected due to rush,” Finance Secretary T.K. Pande said. ''People should not panic by the demonetisation.''
Photo: Biswaranjan Rout
Director General of Police K.B. Singh said, “I would request the people that whoever is coming to the banks with huge amount of cash for exchange, should inform the police in advance so that adequate security arrangements are made.”
Ahmedabad
The Gujarat police have been directed to extend help to banks in managing the crowd. A high level meeting between representatives of banks and top government officials, including Additional Chief Secretary (Home) M S Dagur, was held in Gandhinagar to discuss the overall arrangements.
The State has assured people that all necessary arrangements have been made by banks as well as the government to ensure hassle-free transactions.
Additional DGP (Law and Order) Tirth Raj said banks would be given bandobast upon request to handle possible chaos.
“Police personnel will do patrolling in areas where banks are situated. We have asked our men to be prepared to handle any situation. Upon request, police will reach any bank and help the management to control crowd. Our focus is to avoid any confrontation,” said Mr. Raj.
Hyderabad
Ravi Reddy and Suresh Krishnamoorthy tell us that most banks have long queues outside. “The cash deposit machines have been disabled as a temporary measure as we need to tally identity proof with deposits,” said Ravindran, an ICICI bank staffer at Mehdipatnam branch.
Many bank staffers were seen trying to answer queries of worried people holding photocopies of their Aadhar card and PAN card. And, policemen have been deployed in all bank branches. “We got a message from our DCP in the night yesterday about the likelihood of long queues and trouble in banks and I am here since 9 a.m.,” said Muhammad Ali Zubair of Asifnagar PS.
“It took me one hour to deposit the money I had. I am a government employee and have nothing to fear about making this deposit,” said Prashant from Tallagadda, coming out of the Bank of India branch in Santoshnagar. >More...
All Commissioners and SPs in Telangana have been asked to provide sufficient security at banks and post offices to ensure that there is no stampede or any other law and order issue.
Telangana DGP Anurag Sharma directed that all unit officers must monitor developments closely.
The situation is no different outside a State Bank of Hyderabad branch at Malakpet in Hyderabad. Photo: G. Ramakrishna
“Tomorrow please make sufficient bandobust at banks and post offices to ensure that there is no stampede or any other law and order issue,” he said in a text message to officers.
Hyderabad Police Commissioner M Mahendar Reddy held a meeting and issued instructions to all DCPs, ACPs and Station House Officers to make adequate security arrangements.
(with inputs from agencies)
