Cash crunch leaves people in the lurch

​Vijayawada: ‘No cash, ‘no exchange’ notice boards welcomed customers at many banks, who rushed there to get new currency notes, here on Monday. Though the rush at banks was low when compared to last 15 days, serpentine queues were witnessed at ATMs as people are direly in need of money.

Some other ATMs remain closed for want of cash. Bank employees were seen relaxed as there was no currency to offer for petty traders, the poor and middle class, who need low denomination notes, to make everyday money transactions. However, some private banks managed to secure the Rs 100 denomination notes to make their customers happy.

Meanwhile, demonetisation of high denomination currency notes created tension among students and also burden on some organisations as their employees are spending most of the time at banks for exchanging old notes.

Shabazz, a third year Bachelor of Business Management (BBM) student of Koneru Lakshmaiah University (KLU), has been facing problem to pay Rs 75,000 fee as the college management is not accepting Rs 500 and Rs 1,000 notes due to the demonetisation.

Shabazz has been coming to Labbipet Andhra Bank for withdrawing new currency notes from bank because all banks are giving only Rs 2,000 per day and Rs 24,000 per week for each account holder. He has not been going to college regularly as he was going to bank to exchange money to pay college fee since one week.

It is learnt that several private organisations are not permitting their employees for exchange of old currency notes at banks in the city, if any employee ask permission for one or two hours, the management was reportedly asking them to take leave.

Daniel, a medical representative, said that he was missing the doctor’s appointment for promoting his company brands, while he was at bank for exchange of old currency notes.

Noor Shaik/ Anjaiah