A Delhi man on Saturday received Rs 20,000 in form of 10 rupee coins after the bank ran out of higher denomination currency notes. Imtiaz Alam, speaking to the reporters said that the manager offered him 10 rupee coins after running out of cash which he agreed to take instead of standing in long queues again. According to IE, Alam is a public relations professional and was given the amount by the Jamia Cooperative Bank. Alam told IE that he had to plead with the manager of the bank as he was in an urgent need of money.
The amount weighed 20 kilogrammes. Alam told IE that he had waited in line for 5 hours and needed cash urgently for an official trip to Goa. He informed that the ATM at the bank had stopped functioning ever since demonetisation started. He said that the bank was perpetually low on cash. Talking about his plight he said that he had to go to the manager and request him to do something. The manager then told him that the bank was receiving very little cash from the Reserve Bank of India. The manager asked him if he was okay with carrying Rs 20,000 in 10 rupee coins to which he agreed and then put it on his shoulders and walked out.
Prime Minister Narendra Modi’s announcement to scrap the use of SR 500 and Rs 1000notess overnight on November 8, in an attempt to control the flow of black money has been applauded by many but it has also brought a massive chaos into the life of a common man. 2 days after the announcement when the banks and ATMs went back online, massive crowds were seen outside these institutions for days.