A trader from Uttar Pradesh’s Moradabad on Thursday deposited Rs 1.5 Lakh in denominations of Rs 10, Rs 50, Rs 100, as he wanted help those standing in queues. Gupta reached a nearby State bank of India branch to deposit his cash. Gupta said that he deposited money to help others. “I deposited money in lower denominations for the convenience of others who are queuing up to withdraw money,” he said. News of Gupta’s depositing money in the bank comes at a time when people are waiting in queues for hours to get their currencies exchanged. News of currency trading, i.e. giving away money in lower denominations, in exchange of Rs 500 and Rs 1000 notes for lesser amount, is also surfacing.
Likes of Gupta are the people who are showing immense humanity in this time of hardship. Prime Minister Narendra Modi on November 8th declared Rs 500 and Rs 1,000 denominations as illegal tenders. Since then, people are jostling up at banks to exchange/deposit their money. Though government is claiming to make adequate arrangements, news of mishaps are also surfacing from across the country. Earlier today, Government made some changes in existing rules and guidlines for changing the old currency. The exchange limit is further reduced to Rs 2000 per/person.
Farmers have been permitted to withdrwa Rs 25,000 per week in their KYC compliance account. While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs 2,50,000/- in cash from their own bank accounts.