Millions scramble for new banknotes following India currency withdrawal

Millions of people in India rushed to banks and ATMs after the country pulled all of its 500 and 1,000 rupee notes out of circulation.


Reports of violence emerged as residents of India attempted to swap out the bills which the government deemed worthless in an attempt to fight black market and counterfeit currency.

Officials received more than 3,000 calls reporting fights in Delhi between Friday and Saturday as people scrambled to replace the old notes, according to Sky News.

About half of the country's 202,000 ATMs were shut down on Friday and new 500 and 2,000 rupee notes rapidly disappeared from those that remained open.

Finance Minister Arun Jaitley said it would take weeks for the banks and ATMs to completely replace the old notes and encouraged people to remain patient, according to the BBC.

People continued to panic, as residents were limited to exchanging a maximum 4,000 rupees per head each day in advance of the Dec. 30 deadline.
 [upi.com]
12/11/16
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Related:

• India scraps 500, 1,000 rupee currency notes