As India runs short of cash, queues grow longer outside banks
According to reports, minor incidents of violence have also been reported from several areas as banks struggled to meed the demand of cash by customers.
Even as the PM announced that ATMs will be operative from Friday, most of them continued to remain shut.
Union Finance Minister Arun Jaitley on Saturday said re-calibration of ATMs will be completed in 2 weeks time.
"Re-calibration of ATMs will be completed within 2 weeks," Jailtey said while addressing a press conference here.
He urged people to do as many transactions as possible through electronic means.
He said: "Everyone's money that comes into the banking system is secure; you will keep obtaining replacement currency in coming days."
The Government has scrapped the Rs. 1000 and Rs. 500 notes with effect from Tuesday midnight to fight black money.
In unprecedented scenes, millions of people since Thursday morning thronged in front of banks across the country to deposit the now-invalid Rs. 500 and rs. 1000 notes.
The Government asked the people to deposit their Rs. 500 and Rs. 1000 notes in banks within a specific time frame and get smaller denominations in exchange.
It has also announced that deposits above Rs. 2.5 lakh will be taxed and could draw a 200 per cent penalty if found disproportionately higher than the account owner's income.
The banks have been asked to keep the details of PAN card of people depositing such large amounts over the 50-day period till Dec 30.
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