No Swapping of Old Notes on November 19 except for Senior Citizens and Account Holders


Banks are not gonna exchange old notes with new ones tomorrow but will follow normal working hours to complete pending work. Only senior citizens and banks’ customers will be allowed to do the exchange. The exchange limit will be same i.e. Rs.2,000 per person. While on Sunday, Banks will remain closed. So Normal public can now exchange their notes from Monday.

Rajiv Rishi, head of Indian bank association said that “Across the country, there is visibly less rush.” He added that banks will use tomorrow to complete their pending work.

Bank employees had never done this much work in just two weeks. For them, the last two weeks’ work is equal to the whole year. PM Narendra Modi had also appreciated them for their hard work in a speech.

Many measures have been taken since the demonetization to take the situation under control but people are so desperate to get their old notes exchanged, leading to long queues from inside out at banks. One of the recent measure that has been taken is to lower the exchange limit from Rs.4,500 to Rs.2,000 per day. The government took this decision to ensure that everyone standing in queue gets their chance to exchange old notes with new ones as there were complaints that people were standing all day to exchange demonetized currency, but, banks ran out of currency.

People were also exchanging notes more than once a day with different IDs, so to stop this, government advised banks to use indelible ink to mark the hands of those who exchange money.

PM Modi announced demonetization of Rs.500 and Rs.1,000 banknotes late night on November 8 to fight the corruption and clear out the black money. In his speech, he also asked people to give him 50 days and promised to give them the India they have dreamed of. He also said that he have more projects in his mind to clear out the black money.

“I have more projects in my mind to remove every bit of black money from the country. And to ensure this, cooperate with me for 50 days,” said Narendra Modi addressing the nation from Goa.

Also Read: Modi’s Goa Speech & Other Developments On Currency Ban


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