Long queues outside banks, ATMs for third consecutive day

Even as the RBI maintained that there is enough currency to meet the demand , long queues were seen outside banks and ATMs for the third consecutive day today

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New Delhi, Nov 12 Even as the Reserve Bank of India (RBI) maintained that there is enough currency to meet the demand , long queues were seen outside banks and ATMs for the third consecutive day today.

People faced a great deal of inconvenience as several ATMs went dry yesterday due to cash crunch.

banks

In a bid to ease the situation, government has extended the use of old Rs 500 and Rs 1,000 notes for utility bills till November 14.

Meanwhile, the Finance Ministry has come up with newspaper advertisements assuring people that their hard earned money is safe and urged them not to panic.

The income tax department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to exchange the demonetised notes.

In a major attempt to tackle hoarding of black money, corruption and terror financing, Prime Minister Narendra Modi, on November 8, announced that all Rs 500 and Rs 1,000 rupee notes would cease to be valid in all forms of transactions.

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