Demonetisation: Exchange of old Rs. 500 and 1,000 notes for new may be stopped soon, sources say

NEW DELHI: While people across the country continue to face hardship in exchanging the now-defunct notes and struggled to purchase essentials to meet their daily needs, the government is may stop the exchange of old denomination currency for the new notes from banks soon, sources said on Friday. “The exchange of old Rs. 500 and 1,000 notes for the new currency from banks may be stopped anytime soon. The statement regarding this may be issued on Nov 24-25,” government sources said. Prime Minister Narendra Modi, while announcing demonetisation of Rs 500 and 1000 notes, had said people can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016. However, woes of the countrymen seem to have no end even today as they waited for cash in long queues outside banks and ATMs today also. Heated arguments were exchanged as cash in the ATMs and banks like that the patience of people, ran dry as the day drew to an end. "Its been nine days (since demonetisation) but there is no let down in the serpentine queues outside banks and we have put in adequate staff to deal with the rush. "But there is panic among people that banks will run out of cash which is why they are thronging the branches in large numbers," a bank official said. People faced inconvenience in purchasing milk, vegetables, medicines as they did not have adequate small currency notes. At various hospitals in the city, patients and their family members faced inconvenience in buying medicines, food and availing transportation.