Wednesday, November 9th, 2016

Demonetisation: Only November 11 to transact in banks

Bhumika Khatri | November 9, 2016 3:31 pm Print
The announcement came on November 8, Tuesday night when ATMs were operational till 12 midnight.
RS 500 note

In a master-stroke against black money, Prime Minister Narendra Modi has banned the use of 500 and 1000 rupee currency denominations from yesterday midnight. However, the banks were then announced closed for 9th and 10th November, and people rushed to nearest ATMs so as to survive without problems for two days.

But the point here is that the public has only one day to withdraw the newly introduced 2000 rupees notes for survival for next 3 days and also to exchange the banned currency notes of Rs 500 and Rs 1000.

Yes, the announcement came on November 8, Tuesday night when ATMs were operational till 12 midnight. After that, banks have holidays on November 9 and 10. And everyone awaits November 11 i.e. Friday for the transactions. However, most of the people didn’t see further.

The next day November 12 would be 2nd Saturday which is an off for banks. Therefore, effectively cutting off November 12 for any transactions. Next, November 13 is Sunday and a weekly off for banks and banking transactions.

No issues, we can do bank transactions on Monday, right? No. You cannot. Monday, November 13 is Gurunanak Jayanti which is a pre-announced holiday.

In a move, which has caused chaos in the markets and also on social media, PM Modi had announced that the existing Rs. 500 or Rs. 1,000 notes can be deposited in an individual’s bank or post office accounts between November 10 and December 30. Currency value of up to Rs. 4,000 can be exchanged from any bank or post office a day till November 24 by showing a government identity card.

Government seems proud of the move, and many ministers have come forward in support of the move by Reserve Bank of India along with Prime Minister. And not only them, Bollywood, Tollywood, cricketers and many others have come out in support of the movement.

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