If no shortage, why are banks not exchanging old notes, asks Chidambaram

The Union govt had on November 8 spiked 500 and 1,000 rupee notes

P Chidambaram
P Chidambaram
IANS New Delhi
Last Updated : Nov 19 2016 | 5:04 PM IST
Attacking the Centre over demonetisation, senior Congress leader and former Finance minister P Chidambaram on Saturday questioned why banks were not exchanging old currency notes if there was no shortage of new notes and those of Rs 100 denomination.

"If the learned AG (Attorney General Mukul Rohatgi) is correct that there is no shortage of currency, why are banks not exchanging notes today (Saturday)?" Chidambaram tweeted.

The Congress leader's remarks came a day after Rohatgi told the Supreme Court that two lakh automated teller machines, 1.25 lakh bank branches and petrol pumps were functioning, from where people could get money.

The Narendra Modi government had on November 8 spiked 500 and 1,000 rupee notes to, what it said, curb black money and corruption.

Chidambaram asked in another tweet: "Why are we not allowed to withdraw our money from our bank/savings accounts?"

"Why are thousands of ATMs still not working?" he added.

After the demonetisation, long queues have been witnessed across the country outside banks and ATMs to exchange old notes or withdraw currency.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Nov 19 2016 | 4:40 PM IST

Next Story