Several banks reportedly refused to exchange them, directing customers to deposit them instead
A man holds Rs 2000 currency notes he took to exchange at a bank in New Delhi on Tuesday. Pic/PTI
Chaos and confusion were reported from several parts of Delhi on the first day of exchange of Rs 2,000 currency notes on Tuesday with people complaining that banks were instead asking to deposit them and also demanding identity proofs. While the notes will still be considered legal tender, people have been instructed to either deposit existing Rs 2,000 notes in their bank accounts or exchange them at the banks.
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The first day of the process saw long queues, disgruntled customers and growing concerns among elderly citizens. Though the exchange or deposit facility will be available till September 30, people rushed to the banks in significant numbers on the first day itself. The punishing heatwave sweeping through Delhi exacerbated the situation, making it particularly challenging for the elderly, who complained of having to wait for hours.
Tempers flared, and heated arguments erupted between the people and staff members at Punjab National Bank’s Lajpat Nagar branch. “The authorities should have anticipated the immense inconvenience this would cause. Standing in this scorching heat is taking a toll on us, especially on the elderly,” Shivani Gupta said while standing in a queue at the branch.
Several banks reportedly refused to exchange Rs 2,000 notes, directing customers to deposit them instead due to lower cash retention limits. Frustration mounted as people also complained about banks demanding identity proofs despite the government’s promise that no such documents would be required.
RBI defends exchange exercise
The Reserve Bank of India (RBI) on Tuesday told the Delhi High Court that withdrawal of R2000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
The court was hearing a plea by lawyer Ashwini Kumar Upadhyay that the notifications by the RBI and SBI enabling exchange of R2000 banknotes without proof were arbitrary and against the laws enacted to curb corruption. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said it will pass an appropriate order on the public interest litigation.
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