De-monetisation triggers chaos

Srinagar—Huge rush and long serpentine queues were witnessed in Srinagar and other parts at banks on late on Thursday as people jostled to get lower denomination currency and new banknotes to pay for their daily basic needs.
Almost all banks in Srinagar and other parts of the Valley witnessed huge rush and long serpentine queues as people wanted to exchange the scrapped Rs 500 and 1000 notes for new banknotes.
“I had to wait for an hour at a bank in Srinagar to exchange my old currency notes for new ones to pay for my daily basis needs,” said Mukhtar Ahmad of Batamaloo.
People complained that they faced tough time to get lower denomination currency to buy daily items and other essentials as shopkeepers and traders refused to entertain the high denomination notes. “I had to buy some essential commodities from the market. However, nobody was ready to accept the Rs 500 notes,” said Basit Ahmad of Khanyar.
He said he had to wait for an hour in a queue in a bank to change his old bank notes valuing Rs 4000 for new ones.
An elderly person Ghulam Ahmad said he went to a bank branch in Srinagar at around 3 pm to exchange the old currency notes. “The bank employees told me that you can deposit the amount in the account. When I told them I wanted some change, they said they have got no such order”.
“When I pressed them that I should be given new denomination or lower denomination current notes for exchange of old notes valuing Rs 4000 and told them that I read in newspapers today that banks would be giving new denomination notes.—RK

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