People thronged to the Banks to exchange their old Rs 500 and Rs 1000 currency notes leading to long queues in Banks across the country as Banks reopened on Thursday for the first time since the demonetisation of Rs 500 and Rs 1000 notes, providing a much needed relief for the general public who struggled with currency issues after the demonetisation announcement.
According to government announcements, each individual can collect up to Rs 4,000 only in exchange for their old currency notes from banks but can deposit any extra amount directly into their bank accounts. ATM withdrawal limit is fixed to Rs 2,000 until November 18 but will be extended to Rs 4,000 from November 19.
Major Banks have taken extra measures to ensure smooth transition from the old currency to the new Rs 500 and Rs 2000 notes and have taken on help from retired banking officials. Banks have set up dedicated ‘exchange counters’ to change currency notes, certain banks have announced extra late working hours till 6 PM – 8 pm, banks are to be open on Saturday and Sunday and ATM withdrawal charges are waived.