Ten days after the demonetization move made by the Government, the lines in front of many banks are reducing following restrictions placed on the exchange of notes, but people seem to be waiting in front of ATMs due to cash scarcity.
Along with the restrictions placed on the exchange of defunct notes, which could be changed in any bank before the 20th November now the Banks will only be catering to their own respective customer and will not accept any Rs 500 and Rs 1000 notes from any customers from other banks.
However, this rule does not apply to senior citizens who can exchange the old notes at any bank branches of some banks which they visit.
The exchange limit has seen a reduction by half the amount of Rs 2000 to ease on the demand for cash.
Finance Minister Arun Jaitley was quick to answer questions posted to him, and said that the lines at banks are reducing quicker and there is absolutely no panic.
“Queues have become extremely small and this is all over the country,” Jaitley had said.
So as to ease any inconvenience to the people, the government has allowed withdrawals up to Rs 2.5 lakh for weddings and Rs 50000 for Farmers.
Prime Minister Narendra Modi was quick to announce the decision of the demonetization of Rs 500 and Rs 1000 notes on November 8th , a decision which would shock most citizens of the country and there has been a mad rush to the banks and post offices around the country to exchange the now defunct notes.