Amid scarcity of high-value notes, man gets Rs 20,000 in 10-rupee coins

Jamia Co-op Bank in Jasola says it was low on paper currency, gives PR professional Imtiaz Alam coins weighing 15 kg

Demonetisation has certainly hit the banks, and there is a shortage of notes of higher value. A man in the National Capital, who went to a bank to withdraw money, received Rs 20,000 in 10-rupee coins.

Delhi: Man receives Rs 20000 in form of 10 rupee coins from a bank due to lack of higher denomination currency notes pic.twitter.com/iuIov0eele

— ANI (@ANI_news) November 19, 2016

According to a report in the Indian Express, Imtiaz Alam, a public relations professional, was given Rs 20,000 in coins, as the Jamia Cooperative bank in Jasola was running low on cash. He said he had to plead with the manager, as he was in urgent need of cash. The money weighed 15 kg.

 

"The bank manager offered me 10-rupee coins after they ran out of cash. I agreed to take the coins instead of standing in long queues again," Alam was quoted as saying.

Also read: Two arrested for counterfeiting Rs 10 coins in Delhi

There have been long queues at banks and ATMs to either exchange currency or withdraw/deposit in banks after Prime Minister Narendra Modi on announced the demonetisation of 500-rupee and 1,000-rupee notes on November 8.

The exchange limit has already been more than halved to Rs 2,000 from Rs 4,500, to ease some pressure on cash demand.