Gurgaon: Queues short on the last day to deposit old notes | gurgaon | Hindustan Times
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Gurgaon: Queues short on the last day to deposit old notes

Despite being the last day to deposit the banned ₹1,000 and ₹500 currency notes, queues outside banks in Gurgaon were shorter, and majority of people lined up to withdraw cash on Friday.

gurgaon Updated: Dec 30, 2016 22:55 IST
Abhishek Behl
People deposit their old notes at Oriental Bank of Commerce in Sector 14  on Friday.
People deposit their old notes at Oriental Bank of Commerce in Sector 14 on Friday.(Parveen Kumar/HT Photo)

Despite being the last day to deposit the banned ₹1,000 and ₹500 currency notes, queues outside banks in Gurgaon were shorter, and majority of people lined up to withdraw cash on
Friday.

Banks across the city reported low volumes of old currency deposits.

At the Oriental Bank of Commerce (OBC) branch in Sector 14, only a few customers came to deposit the banned currency notes and the total receipt at 4 pm was ₹1.8 lakh. “The number of people who came to deposit old notes was very less. It seems everyone has deposited all old notes they had,” Satish Parnami, the branch manager, said.

The deposits of old notes were less across 45 OBC branches in Gurgaon on Friday, he said.

At other bank branches in sectors 22, 23, 14 and 31, a similar trend was seen with longer queues to withdraw cash.

Abiding by instructions of the RBI with regard to deposit of scrapped notes, bankers said they strictly refused to accept cash if a customer wanted to deposit money in their relatives’ accounts without an authorisation letter. “My brother found ₹7,000 in his coat pocket in old ₹500 notes but I asked him to send someone with an authorisation letter or come himself to deposit the cash,” a bank official said.

Bankers were more circumspect in dealing with scrapped currency. “I have asked the cashier to inform me if someone comes with a large amount in old notes,” Parnami said.

An RBI circular on Friday directed banks to stop accepting the scrapped notes. The central bank has also sought details of deposits of demonetised currency at the close of business on Friday.

The central bank also made clear that after December 31, the scrapped notes cannot be treated as part of banks’ cash balances.

With bankers taking a tough line, some customers who had larger amounts in old notes faced trouble. “I have ₹1 lakh in old notes but the bank is not allowing me to deposit it in my children’s account,” a Huda employee said.

Bankers said the currency situation in most banks has not improved even after passing the 50-day period fixed by Prime Minister Narendra Modi. “We have been receiving ₹4 to ₹5 lakh cash in the last 10 days and it is not enough to meet the demand for cash. The result is that we
are rationing cash,” a bank official said.