Demonetisation: Rush thins out at Noida banks

New Delhi, Dec 20 (IANS) Comparatively thin crowds were seen outside the banks here on Tuesday with most of the people there for withdrawal of money and invariably none for depositing.

A full ten days before the deadline given by Prime Minister Narendra Modi, for normalcy to be back, the rush for money to the banks that began after the demonetisation of higher currency notes finally seems to be petering out.

When IANS visited banks at Noida Sector-16, it found considerably sparse crowds at all of them.

Moreover, no customer seemed to be aware of the new stipulation announced by Finance Minister Arun Jaitley on Monday.

The new rule entails furnishing an undertaking to the bank giving the reason why the depositor did not deposit the money before, for any amount exceeding 5000 rupees – till December 30.

The rule is only for old currency notes which were demonetised on November 8.

"We only need a reason from you as to why you were not able to deposit the old currency till now. This move is taken to thwart those candidates who are depositing money on behalf of others, and have been frequenting the bank for this purpose," Pawan Kumar Sachdeva, Manager, Punjab National Bank Sector-16 Noida branch told IANS.