Watch: Banks reopen today, people throng to deposit old notes

Long queues extending to roads can be seen outside as banks reopen for the first time after govt withdraws Rs 500/1000 notes. Rows can be seen at various places across India, where people are rushing to withdraw money from the banks. In many places, chaos were reported as people lined up to exchange Rs 500 and Rs 1,000 notes.

People outside Dena Bank waiting to get their currency exchanged

Several banks have announced extended working hours on Thursday with dedicated counters for exchanging currency notes. Reserve Bank of India has sent truckloads of new notes throughout the country.Banks have been advised to keep all their branches open on Saturday and Sunday too as regular working days for transacting all business.

People flood at bank in desperation to get their old currency exchanged

Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes, making the notes further ‘invalid’. Modi has dazed the nation with the announcement in his major initiative to tinkle down black money and counterfeit cashing. speech Modi said, “ The notes of Rs 500 and Rs 1000 will not be legal anymore and these will just be ‘just worthless piece of paper’. Though the notes in lower denominations of Rs 100, Rs 50, Rs 20, Rs 5, Rs 2, Re 1 and all coins will continue to be valid.” Modi also announced that soon new notes of Rs 2000 and Rs 500 will be introduced by the RBI.  ATM withdrawals will be limited to Rs 2000 per day and withdrawals from bank accounts will be constrained to Rs 10,000 a day and Rs 20,000 a week. 

People outside Bank of India waiting to get their currency exchanged

After the announcement there was bedlam and pandemonium all over. People were seen congregating at the ATMs in order to extract money. The chaos was so high that soon the cash machines had long lines. The preliminary hours resulted in commotion all through. People were apprehensive. Few were seen gathering at the ATMs while others bustled online for details.