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Queues outside ATMs ease, but customers throng banks

Press Trust of India  |  Mumbai 

Nearly 20 days after the Centre's move, the queues outside the ATMs have eased but customers have been crowding the banks in large numbers to withdraw and deposit money.

Providing a window to holders, the had yesterday proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post while higher taxes and stiffer penalty of up to 85 per cent await those who don't disclose but are caught.

"The queues before banks started today in afternoon only, almost at all the branches here. But few people came here to enquire about the government's announcement yesterday... whether they should first to go to Income-authorities or approach the banks first," an executive of a leading private sector lender at Fort in South said.

People are not well aware of what to do to follow the government's announcement, he said.

Many people, specially who run businesses, stood in queues to withdraw money for distribution among their workers since it is almost month-end.

"I need some money to give salary to my workers and this is why I am here," said a man standing in a queue outside a in Lower Parel area.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 29 2016. 16:42 IST