Massive queues at banks, ATMs as India rushes to exchange scrapped notes

New Delhi, Nov 10: A day after banks reopened in the wake of Prime Minister Narendra Modi’s decision to scrap Rs 500 and Rs 1,000 notes on Tuesday, every bank and ATM in the country saw large crowds queuing up to exchange these notes. The PM had announced that that people can exchange or deposit their old notes in banks starting Thursday, 11 November. On Wednesday, the Reserve Bank of India announced that banks will be open for public dealing on weekends as well.

The new Rs 500 banknotes, which will be issued by banks from today, have extra security features besides having peculiar colour, theme and size which differentiate the new bills from the earlier series.

The Rs 2,000 notes, which are being introduced for the first time, will be of magenta colour with Mangalayan imprinted on the reverse side. The higher value currency notes will have other designs, geometric patterns aligning with the overall colour scheme.