People across India queue up outside banks to have access to cash or exchange money

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PakistanToday
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Tens of Thousands of people lined up outside banks and ATMs across India on Tuesday, a day after a bank holiday left people stranded with no way to access cash or exchange money.

The queues in front of ATMs were longer as people feared the machines will run out of money soon, a week after Prime Minister Modi announced the scrapping of Rs 1000 and Rs 500 notes to drain illegal cash from the economy.

Read more:India pulls 500, 1,000 rupee notes to fight graft

“Why did they allow banks to stay shut when they know how people are struggling to even buy basic grocery items? How long are they going to take us for granted? I woke up at 4.30 am to rush to the ATM so as to avoid queues, but did not get cash anywhere,” Ankit Girdhar, a resident of south Delhi’s Lajpat Nagar, said.

In West Bengal and the Northeast, reports poured in that ATMs in many remote areas haven’t been restocked since November 9 , a day after the demonetization scheme was announced.

“You can’t depend on ATMs as they are running out of money in no time. But when I came at 7:30 am I was standing in a queue behind more than 50 people,” said Ashish Poddar a school teacher in south Kolkata.

Read more: ‘More projects’ to fight graft; ready to face consequences: Indian PM

Many traders and middlemen in Assam and other parts of Northeast resorted to earning commission to exchange 500 and 1000 rupee notes with those of smaller denomination. The Assam Tribune reported that small traders in eastern Mizoram resorted to using paper coupons to trade due to the scarcity of currency notes of lower denominations.

In Hyderabad, many travellers said bus operators were accepting devalued currency but not returning the change. Other passengers said they had to go hungry for hours as they had no change to buy even snacks and tea Suryapet. “Our business has come down by 70 per cent,” lamented Laxman, the supplier at a roadside restaurant.

In Mumbai, the cash crunch has hit autorickshaw and cab drivers. Drivers of black and yellow taxis, three-wheelers and taxi fleets complained of falling business as people are avoiding travel due to lack of liquid cash.

Read more: India’s Modi urges patience on bill swap amid cash crunch

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