1. Demonetisation drive: No exchange of old Rs 500, Rs 1000 notes tomorrow

Demonetisation drive: No exchange of old Rs 500, Rs 1000 notes tomorrow

IBA in a statement said that Banks have been working very hard and that's why it has been decided that no exchange will take place on Saturday.

By: | New Delhi | Updated: November 18, 2016 8:27 PM
bank, demonetisation, demonetisation banks not on saturday, exchange of notes tomorrow saturday, notes exchange saturday IBA in a statement said that Banks have been working very hard and that’s why it has been decided that no exchange will take place on Saturday.(PTI)

The Indian Banks Association has decided that no exchange of old notes of Rs 500 and Rs 1,000, except for the senior citizens, will take place on Saturday.  IBA in a statement said that Banks have been working very hard and that’s why it has been decided that no exchange will take place on Saturday. “Across the country, there is visibly less rush,” said Rajiv Rishi, the head of the Indian Bank Association, adding that tomorrow will be used to clear pending work. Earlier, SBI chairperson Arundhati Bhattacharya had confirmed the decision. “We need a normal working day,” Bhattacharya had said. Since Prime Minister Narendra Modi’s sudden announcement of demonetising Rs 1,000 and Rs 500 notes last week, banks have been overflowing with customers making long queues to get cash. The notes that were cancelled form 86 per cent of the money in circulation.

Meanwhile, Government is trying its best to lessen the trouble being faced by the government. Bhartiya Janata Party has instructed all its  MPs to reach out to people by using all possible platforms and inform them about the ongoing developments related to demonetisation on upcoming Saturday and Sunday. Post demonetisation announcement, the central government has been on its toes in order to tackle the cash crunch and ease the inconvenience caused to the cash-starved people. While the opposition is protesting against the decision on streets and Parliament, ruling BJP-led NDA government’s MPs are tackling charges by going on television in favour of the decision.

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