As the news trickled in that people would not be able to withdraw money from the ATM on Wednesday and Thursday and the banks would be shut on Wednedsay
The decision of the government to withdraw legal tender status for Rs 1,000 and Rs 500 denomination currency notes from midnight brought about an unprecedented rush at ATMs and petrol pumps across the city. As the news trickled in that people would not be able to withdraw money from the ATM on Wednesday and Thursday and the banks would be shut on Wednedsay, there were beelines at various ATM centres across the city on Tuesday night.
Long queues at petrol pumps ended up causing jams on the roads across the city as the Government has said that Rs 1,000 and Rs 500 notes could be used at these pumps till November 11, provided the pumps keep an account of every transaction for scrutiny later.
The move, is welcomed by many who stood in queues to withdraw cash. A number of them made multiple transactions of Rs 400 each to ensure that they did not get Rs 500 or Rs 1,000 denomination notes where ATM did not have a choice for denominations.
“It is a good move. In fact this should have happened a lot before. People with black money or cash in lakhs will now find it difficult to deposit them in the bank accounts they have,” said Vineet Rathod, a senior associate at Deloitte.
At a fuel pump operated by Bharat Petroleum at Worli, attendants were running out of change just as everybody was coming up with a Rs500 or Rs1,000 note.
“The next three days the sale might be higher as people try to use Rs 1,000 and Rs 500 notes at fuel pumps rather than take the hassle of going to the bank,” said Ravi Shinde, president of the Petrol Dealers Association of Mumbai.
However may faced issues as well, Mukesh Kumar Yadav, a taxi driver said, “I have come to fill by gas tank but they are refusing to take Rs 500 and Rs 1,000 notes. They say that their owner has asked them not to accept denominations of that amount,” said Yadav.
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