Overnight queues at banks to replace banned Rs 500, Rs 1000 notes after demonetization
Highlights
- 6 days after notes ban, long queues continue outside banks and ATMs
- India supports currency ban, PM told ruling party lawmakers on Monday
- NDA allies back government as opposition preps attack in parliament
The government has asked banks to use indelible ink while exchanging banned Rs 500 and 1,000 notes to stop "unscrupulous elements trying to convert black money".
Here are the latest developments:
A week ago, Prime Minister Narendra Modi announced that Rs 500 and 1,000 notes were being withdrawn from circulation to combat black money and corruption.
PM Modi on Monday told ruling party lawmakers that the country is with the government on demonetisation and there is no need to be defensive about the move in parliament, where the winter session starts on Wednesday.
Earlier in the day, he urged citizens to give him more time to resolve the cash crunch that followed the withdrawal of high-value banknotes from circulation.
To ease the crunch, the government has increased the weekly cash withdrawal limit of Rs 20,000 to 24,000.
The government will also allow a network of banking correspondents or agents who travel to rural areas to provide people with access to banking services, to carry more cash.
The government has said the old notes can be used at government hospitals, petrol stations, toll booths and other essential services till November 24. Parking fees have been waived at the airport and highways will be toll free at least this week.
Since the sudden currency ban, thousands have flocked to ATMs and banks to swap or exchange the banned notes. They can be exchanged for new ones or deposited in a bank account until December 30.
People slept in queues outside banks and ATMs on Monday night desperate for cash nearly a week after the surprise ban on big currency notes. But many said for the sake of ending corruption, they were ready to accept the difficulties."It is difficult, but it won't be for long. As long as it helps end corruption..." said a man standing in a snaking queue in Delhi.
PM Modi has said in public meetings that he had been "pained" by the hardships people are facing. "I am aware you are facing difficulties... I understand the inconvenience. I am really pained by the inconvenience and that is why I am working tirelessly to help people overcome this situation," he said at a rally in Uttar Pradesh.
Opposition parties have attacked PM Modi for the currency recall with several parties teaming up to corner the government in parliament's winter session, which begins on Wednesday.
Post a comment