Senior citizens queued outside bank.
Senior citizens queued outside bank.

Banks across the country will not swap old Notes Rs 500 and Rs 1,000 scrapped notes against new ones on Saturday, only senior citizens to make the one-time swap for upto Rs. 2,000.

People can deposit or withdraw cash from their respective bank accounts at banks as usual.

On Sunday, banks will remain shut.”Across the country, there is visibly less rush,” said Rajiv Rishi, the head of the Indian Bank Association, adding that on Saturday will be used to clear pending work.

The queues outside banks and ATMs continue across India since the demonetisation move as people struggling to get cash expressed unhappiness over the reduced limit of exchange. The government on Friday warned people not to let anyone use their bank accounts for depositing black money during the 50-day window till December 30.

The directive comes against the backdrop of reports that some are using other persons’ bank accounts to convert their black money into new denomination notes. In some cases, even rewards are being given to account holders for allowing such misuse.

The misuse has been reported in case of Jan Dhan accounts also. The government had earlier said that small deposits made in bank accounts by artisans, workers, housewives would not come under tax scrutiny if it is within the tax exemption limit of Rs 2,5 lakh.