Denizens express incredulity at demonetisation

People who were in a rush to hoard as many Rs 100 notes as possible were in for disappointment as they received Rs 500 and Rs 1000 rupee notes, but not Rs 100 as they expected.

People stand in long queues to withdraw money from ATMs at Raj Bhavan Road in Hyderabad on Tuesday after the announcement by Prime Minister Narendra Modi about demonetisation of `500 and `1000 notes|

HYDERABAD: Spotted among the long queue in front of an ATM centre in Somajiguda in the heart of Hyderabad was an elderly person waiting for his turn to get some money before the ATMs ran out of cash.
When his turn came up, the elderly person wanted to get an amount of Rs 7,000 and to his horror, a bundle of 14 Rs 500 bills came out. The notes by midnight of Tuesday will be as valuable as a tissue paper.

The senior citizen then tried to acquire Rs 400 from the ATM, only then did he receive Rs 100 notes but the people standing behind him were not willing to wait and they started to yell at the man to get out of the way. This was the scene at many an ATM centre in the city within minutes of Prime Minister Narendra Modi’s announcement demonitisation of Rs 500 and Rs 1000 notes.

“I got Rs 100 notes only when I chose to withdrew Rs 400,” said the old man, who scurried to shops to exchange the Rs 500 notes he withdrew from ATM.

People who were in a rush to hoard as many Rs 100 notes as possible were in for disappointment as they received Rs 500 and Rs 1000 rupee notes, but not Rs 100 as they expected.

Those who were in a hurry and had not thought through this possibility of the ATM machines dispensing the notes of the denominations which will be demonitised, faced the same situation.

People spoke about hypothetical situations which may pose a problem if they have only Rs 500 or Rs 1000 notes. “I came to see if ATMs are dispensing cash. But I learned that Rs 1000 notes are dispensed if a big amount is withdrawn.

Lets say I have to travel to Mumbai and have a small amount just enough for tickets. What will I do if I have other expenditure?” questioned Raju, resident of Somajiguda, who visited a ATM nearby his home after watching news.

Almost all the people who visited the ATMs had questions for guards there. They were asked the maximum amount the machines can dispense, which machine is dispensing Rs 100 notes and if the ATMs will work on Wednesday.

By night, almost all business establishments stopped accepting Rs 500 and Rs 1000 notes leading to arguments by customers at some places.