Sad news for all of you! Tomorrow banks won’t be exchanging your old Rs 500 or Rs 1000 notes. Yes, tomorrow only senior citizens will be allowed to exchange their notes up to Rs 2000.
The head of Indian Bank Association, Rajiv Rishi stated that tomorrow all pending work would be cleared and hence, notes will not be exchanged tomorrow (Except for senior citizens).
Since the time, Modi government has announced the demonetization of Rs 500 and Rs 1000 notes, banks are overflowing with lot of work. There is heavy rush of customers to get notes. Yes, old notes that were exchanged constituted around 86% of the money in circulation; you can imagine the number of people flocking to the banks…
Initially, the exchange limit was set to Rs 4,000, then it was increased to Rs 4,500 and then once again, it was reduced to Rs 2,000. Moreover, banks are also using inedible link for ensuring that people don’t come in for multiple exchanges.
The main aim of demonetization is to curb forgery, corruption and tax evasion. Moreover, PM Modi has asked people to be patient for 50 days if they want long term gains.
Now, you won’t be able to exchange notes at the bank tomorrow and on Sunday, the banks would be closed.
So, normal transactions would happen on Monday. What’s your take on this? Do share your views in our comments section below…
