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Banks will only swap notes for senior citizens tomorrow

Banks will only swap notes for senior citizens tomorrow

| | 18 Nov 2016, 10:29 pm
New Delhi, Nov 18 (IBNS): As the banks are trying to cope up with the pressure of demonetisation, they have decided to not swap old currencies on Saturday with exception to senior citizens, who can exchange up to Rs. 2,000 at one-time.

Unlike the last week's facility, the banks will remain shut this Sunday.

The banks are stopping the swapping of old high-value currency notes on Saturday to clear backlogs, reports said.

This decision has also met criticisms with West Bengal Chief Minister Mamata Banerjee raising her voice and calling the situation as financial emergency.

"Now note exchange stopped for a day. Yet another whimsical decision. Govt must explain. Is there currency shortage? Financial emergency," she tweeted.

On Thursday, the government cut the amount one can exchange over the counter to Rs. 2000.

Earlier it was set to Rs. 4500.

To put a curb on any unethical practice, banks have also been asked to use indelible ink, just like in elections, to ensure people are not exchanging more cash than is permitted.

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