Watch | Queues and chaos outside banks

As banks opened after the demonetization, people queued up to exchange their old notes. In some places forms needed for the exchange of currency were in short supply, at others banks ran out of cash within hours.Starting Thursday, a person can exchange Rs 4,000 at any bank branch or post office upon producing a valid identity proof. Notes of Rs 500 and Rs 1,000 ceased to be legal tenders on Wednesday after Prime Minister Narendra Modi announced on Tuesday the decision to withdraw the high-value notes, which are being replaced by new Rs 500 and Rs 2,000 notes.