Srinagar: The Valley banks are witnessing unprecedented rush today in the wake of Modi government’s demonetisation of higher currency denominations on 8 November. People thronged to different bank branches in the Valley after Rs 500 and Rs 1000 notes issued by the Reserve Bank of India (RBI) ceased to be legal tender from 9 November.
“The rush is unprecedented. I haven’t seen such huge rush in the banks in my whole career. People are really panicked,” a bank employee told Kashmir Narrator.
Many people were seen sitting on roads to wait for their turns to either exchange the money or deposit the amount in their bank accounts.
There were also reports that many ‘agents are on the prowl’ to cheat the gullible by offering Rs 450 and Rs 950 in exchange of Rs 500 and Rs 1000 notes respectively.
The J&K Bank, Valley’s oldest bank, however, has issued a public notice in the media asking people not to panic. The notice said that petrol pumps, government hospitals, railway, airline, bust ticket counters, government milk booths, crematoriums and burial grounds will accept the higher denomination currency till 11 November.
Valley banks have offered an exchange of up to Rs 4000 after the customer provides a valid identification proof.
Moreover, if a person wants to deposit more than 2.5 lakh rupees in any bank, he/she has to provide his PAN card details to make the deposition, the bank employee said.