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IndiaNo exchange of notes in banks today, except for senior citizens

No exchange of notes in banks today, except for senior citizens

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No exchange of notes in banks today, except for senior citizens

New Delhi: In the latest, government has suspended exchange for Rs 500 and Rs 1,000 notes on Saturday. Only senior citizens will be allowed to make one-time exchange for upto Rs.2,000.

Banks will not exchange decommissioned notes for non-bank customers tomorrow and senior citizens are exempted informed Indian Bank Association today.

Banks will remain shut on Sunday.

The lending institutions will make use of Saturday to clear off the pending work.

Speaking to ANI here, IBA Chairman Rajeev Rishi stated that ever since demonetisation was announced, all banks have been working for extended hours including holidays to ensure the public at large was not inconvenienced.”In fact, we have diverted all human resource to make sure that all those who stood in queues got their money exchanged, deposited and withdrawn. In the process what we have felt is that in the last one week our own customers have actually suffered. Routine works are not done and routine works are pending in banking activities,” he said.

However, senior citizens are exempted from the directive and banks will be accepting all their requests.”We have taken a view that on Saturday, the banks shall not be doing exchange over the counter of 2000 rupees. We will make an exception for senior citizens. But tomorrow we will spend trying to update our works and do the works in relation to our own customers,” Rishi added.

Prime Minister Narendra Modi had on November 8 surprised citizens by announcing demonetisation of 500 and 1000 rupee notes and since then large number of seemingly unending queues before banks and post offices are seen in order to exchange these currencies.

New rules on exchange of old Rs 500, 1000 notes likely

New Delhi, November 18: Top sources in the government said the notification is likely to be issued soon, a decision that may trigger more chaos as the scramble to banks and ATMs refuses to dissipate.

In the latest bid to contain the cash crunch, the government is likely to allow the exchange of old currency notes of Rs 500 and Rs 1000 only at the branch where a person holds her account.

Top sources in the government said the notification is likely to be issued soon, a decision that may trigger more chaos as the scramble to banks and ATMs refuses to dissipate.

Sources said the Reserve Bank of (RBI) is likely to issue fresh guidelines tonight on depositing the old currency. As per information, the new rules RBI would allow people to deposit the old currency in their own bank branches only.

Until now, it was permitted to deposit the old currency in any bank by submitting a proforma with a copy of their identity proof.

The decision was taken following reports that people were using their IDs to deposit money in different bank branches.

There have been multiple revisions by the government following the November 8 decision to ban Rs 500 and Rs 1000 notes, a decision announced by Prime Minister Narendra Modi himself in a televised address.

With long queues continuing at banks and ATMs, petrol pumps were allowed on Friday to dispense Rs 2000 cash per person per day.

That came a day after the government announced a set of seven decisions pertaining to demonetisation, mainly aimed at smooth sowing season ahead, including permission to farmers to withdraw up to Rs 25,000 per week and registered agri-traders Rs 50,00 per week from their bank accounts.

This apart, for families that have an upcoming wedding, one member of the household can withdraw up to Rs 250,000 one-time, subject to furnishing an undertaking that no other individual will be availing such a concession for the purpose and also upon giving the PAN card details.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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