Monday, August 26th, 2019

Chaos In India As Government Close ATMs After Cash Ban

Published on November 13, 2016 by   ·   No Comments

Chaos reported across India as Government close ATMs amid a ban on cash

Yournewswire

Nearly all of the ATM machines in India were shut down on Friday as people rushed to withdraw their savings amid a widespread ban on certain types of cash.

Chaotic scenes were reported at thousands of banks and ATM locations due to the Indian government’s surprise decision to ban high-denomination banknotes, in an attempt to stamp out corruption.

Zerohedge.com reports:

Bloomberg’s somewhat calming perspective on the events taking place in India…

India’s banks have been caught out by Prime Minister Narendra Modi’s unexpected and widely-praised announcement late on Tuesday of the withdrawal of 500-rupee and 1,000-rupee notes,part of a crackdown on tax evasion and the underground economy. Jaitley urged people not to rush to banks immediately and wait for a few days and to conduct financial transactions using electronic transfers, cheques and credit and debit cards.

“A big regret is that people are getting inconvenienced, but currency replacement of this magnitude will cause some problems,” said Jaitley. “There are long, but orderly queues. Such a big currency replacement can’t be done overnight.”

Indians rushed to deposit 478.68 billion rupees ($7.1 billion) of cash at State Bank of India after the government’s surprise move to abolish high-denomination banknotes, as customers queued for hours to deposit or exchange the old bills and ATMs ran dry.

Are very different from the more frantic scenes described on social media and reported on by Reuters

Anger intensified in India on Saturday as banks struggled to dispense cash following the government’s decision to withdraw large denomination notes in an attempt to uncover billions of dollars in undeclared wealth.

Tempers frayed as hundreds of thousands of people queued for hours outside banks for a third day to swap 500 and 1,000 rupee bank notes after the notes were abolished earlier in the week.

Read More HERE

Share the Truth:
  • Digg
  • Facebook
  • Twitter
  • Google Bookmarks
  • Global Grind
  • MySpace
  • Ping.fm
  • Tumblr
  • email

Readers Comments (0)




Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

Daily News and Blogs

Listen to the TIS Network on blogtalkradio.com

Check Out Pop Culture Podcasts at Blog Talk Radio with TIS Network on BlogTalkRadio

Like us on Facebook

Advertise Here

Advertise Here