The demonetization of Rs. 500/- and Rs. 1000/- currency notes on 9th November is having a strange effect on Hyderabad, perhaps same situation exists all over the country. With not much valid money with people and with ATMs shut down, for the last two days, there is less traffic on roads, at market places and shopping malls. However at each and every Bank and major Post office there is heavy rush, people exchanging their Rs. 500/- and Rs. 1000/- currency notes for a maximum amount of Rs. 4000/- only against submission of some documentation and at Petrol bunks where this banned currency is being accepted over a limited period. Old currency can be exchanged once every day to a maximum limit of Rs. 4000/-. And depositing of any amount of abolished currency is being accepted at Banks and Post Offices, but this is permitted only up to 30th December 2016. Withdrawal of money from Banks is suspended until end of next week. With less money on hand many activities have slowed down. Where Credit and Debit Cards are accepted, there is absolutely no problem.
It is only since today, 11th November morning the traffic is slowly picking up. However the rush at Banks for exchange of money and at ATMs which have begun functioning since this morning; dispensing only Rs. 2000/- per head, is overwhelming.
This morning I and my wife went to the Post Office Savings Bank to deposit money into our accounts and this transaction was accomplished in few minutes. Then we saw people at adjacent counters exchanging old currency and decided to go for it. This took very long. After a very long time we had to stand in a queue with many unruly people trying to get in front of us. Along with others I too joined in sending them away, it was reliving long forgotten experiences. And after half an hour in the line; thankfully under the Post Office ceiling fans, we managed to get our maximum exchange amount of Rs. 8000/- in a never before denomination of Rs. 2000/- currency notes. You can view these new currency notes in above picture.