Banks to exchange old notes only for customers and senior citizens today

Banks across the country, forced to work on a second Saturday (which in normal times is a holiday) will exchange old Rs500 and Rs1,000 notes only for their regular customers today, while senior citizens may get exemption.

This means that customers will have to go to the respective banks where they have accounts in order to exchange old notes rendered invalid by the 8 November demonetisation move.

However, banks have given some scope for misuse of the facility as senior citizens have been exempted from this requirement. They may get old notes exchanged regardless of whether they have accounts with the banks or not, Indian Bank Association stated in a release.

Banks across the country will remain close on Sunday after they remained opened last weekend to cope with the mad rush for currency swap.

Banks have been working for extended hours, including holidays, ever since 9 November, to ensure the public at large was not inconvenienced.

However, since almost all human resource with banks catering to the people wanting to exchange their old notes, routine work at banks suffered and this has affected customers of individual banks.

IBA said exchange of notes at banks will continue from Monday as usual, as per the government's directive and that the use of indelible ink for marking out people who have once used the facility will continue.

Crowds at bank branches and post offices, however, saw a decline since the introduction of indelible ink.