NT NETWORK
MAPUSA
With the banks reopening on Thursday following demonetization of Rs 500 and Rs 1,000 currency notes by the Centre on Tuesday, long queues were witnessed at all the banks in rural and urban areas in the state since early morning for exchanging the old currency notes for the new ones, withdrawal of money with lower denomination notes and depositing old Rs 500 and Rs 1,000 notes.
Following the decision on demonetisation, the banks were shut on Wednesday to stock lower denomination cash and new security-featured Rs 500 and Rs 2,000 notes.
However, within hours of the beginning of the exchange of the old currency notes for the new ones, the banks ran out of the new notes stocks, and the customers were diverted to the State Bank of India branches.
Since 8 a.m. long queues were seen at all the banks – people made beelines hoping to withdraw some money or to get rid of scrapped currency notes of Rs 500 and Rs 1,000, which are no longer legal tender except at pharmacies, petrol pumps, hospitals etc.
In Mapusa, the banks had to stop their exchange transactions as they ran short out of the new currency stock within sometime and had to tell the customers to approach the State Bank of India branches.
“Since morning I have been waiting for my turn at the cash counter for exchange transaction so that I can go and shop. The vendors in market are not accepting Rs 500 and Rs1000 denomination notes. First, I had to wait in a queue to get form, and now waiting for my turn to get the old notes exchanged,” said that Suresh Charya, a resident of Revora.
Charya further said that “the government’s decision is good but unnecessarily the common people had to suffer as ATMs are not working and vendors are not accepting the old notes. Even the petrol pumps are accepting the old notes.”
Shashikant Kandolkar said that “everyone wants money as the festive season is on. I have been waiting in a queue for hours, and had to leave all my work to get the old notes exchanged.”
When contacted, Shailendra S Sawant, general manager of Mapusa Urban Co-operative Bank of Goa Ltd said, “Initially, we did some exchange transactions. We are yet to receive the new curry notes. Once we get the new currency notes, we will also start exchanging the new notes for the old ones. We have to follow the orders.”
“Whatever currency notes we had with us we issued to those who had come for withdrawing the cash. As per the orders, we had to cater to our customers and have also accepted deposits,” added Sawant.
Meanwhile, those customers who have accounts with credit societies had to face hardship as the societies avoided taking deposits involving Rs 500 and Rs1000 currency notes.
The customers were informed that the credit societies are not authorised to take the demonetised notes and the customers were asked to go to State Bank of India branches for exchanging their notes.
When contacted, Shrirang Nagvekar, chairman of Jan Utkarsh Urban Co-op Credit Society, informed that “the credit societies are not authorised by the government to take deposits involving scrapped notes of Rs 500 and Rs1000. Only post offices and banks can do that hence we are not taking the old notes.”
Meanwhile, State Bank of India’s Mapusa market branch was overcrowded with a large number of people wanting to exchange the old notes.
Despite having adopted various measures, still the branch officials had to take assistance from Mapusa police personnel to control the crowd. A queue system was followed, and forms were made available at the entrance through a bank representative.
The people were allowed in the bank premises in batches – only after one batch was catered to the next was allowed inside. To cater to the customers seamlessly a provision of an extra counter was made as backup, and was opened as and when required.
Prasad Kamat, assistant general manger of State Bank of India informed that “we are trying our best to extend help to everyone; we are exchanging Rs 4,000 per person as per the order.”
He further said, “We got to know through some customers that some banks are refusing to do exchange. Our customers mostly deposited the old notes in their accounts. Only few are coming for exchanging the old notes. Most of the people coming here are non-SBI customers for exchange, and still we are catering to them and doing the exchange.”
OUR CANACONA REPORTER ADDS: The people rushed to the banks in Canacona to exchange the invalid currency notes of Rs 500 and Rs 1,000, and they ‘managed’ to get exchange of Rs 4,000 by showing ID proof.
Police personnel were posted at all the banks to prevent any untoward situation that could arise. Canacona PI Filomeno Costa said that the day was very peaceful and no untoward incident was reported at any of the banks.
Interestingly, the staff of SBI’s Gaondongrem branch had a tough time in accepting the invalid notes being deposited in thousands and also around a lakh.
When some of them were questioned by the bank staff as to why the money was kept at the houses, they casually replied that they needed the money for their daily needs.