Indians Queue Outside Banks to Exchange 500 and 1,000 Rupee Notes

Indians have queued up outside banks across the country to exchange 500 and 1,000 rupee notes after they were withdrawn as part of anti-corruption measures.

People will be able to exchange their old notes, which stopped being legal tender at midnight on November 8, for new ones at banks until December 30.

The surprise move is part of a government crackdown on corruption and illegal cash holdings.

Banks were shut on November 9 to allow them enough time to stock new notes.

There are also limits on cash withdrawals from ATMs.

Image source The Hindu

There were chaotic scenes outside banks in Mumbai and Delhi.

Some banks extended working hours to deal with the rush, and have hired extra staff on a temporary basis.

Meanwhile, Indian social media has been talking of little else.

The top trend on Twitter India has been #CashCleanUp with tweets ranging from the frustrated to the humorous, as many people came to terms with the fact that much of their day would be spent in queues.

New 2,000 (about $30) and 500 rupee denomination notes with new security features are being given to people to replace those removed from circulation.

A new 1,000 rupee note “with a new dimension and design” will also be introduced in due course, a senior government official said on November 10.

The government’s move is designed to lock out money that is unaccounted for – known as “black money” – which may have been acquired corruptly, or is being withheld from the tax authorities.

Finance Secretary Shaktikant Das warned people with large amounts of hidden cash that banks would closely monitor the exchange of old notes for new ones.

According to the government, the move will flush out tax evaders and that all old notes deposited in banks will be subjected to tax laws.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago