Hundreds of people thronged various banks in the city to exchange the demonetised high-value currency notes on Thursday.
Hours before the banks could start their operation, serpentine queues were found in front of many bank branches. With a large number of people thronging the banks in desperation, police personnel had to be deployed to regulate them. Though not many banks had received the new Rs. 2000 currency notes, people were issued Rs. 100 and Rs. 50 currency notes in exchange of Rs. 1000 and Rs. 500 notes.
Special requisition slips for exchanging notes had to be filled up by the people and their proof of identity attached before remitting the money for exchange.
However, the maximum money could be exchanged by an individual was restricted to Rs. 4,000. People also stood in long queues to deposit the invalid currency notes.
With a majority of people hardpressed for currencies other than Rs. 500 and Rs. 1000 most of the shops, including vegetable markets remained unusually deserted. Even those people who had turned up at the commercial establishments had to return in disappointment as the shopkeepers refused to take Rs. 500.
Nagercoil
People thronged bank branches and post offices to exchange old currency notes. Except a few private sector banks, all nationalised banks distributed new currency notes.
