Currency Demonetisation and Future course of Indian Economy

Murugan · Post by **Murugan** » 14 Nov 2016 10:01

Sharing first hand experience with regard to ATM and BM/Hoards of Cash handling in Mohnagari's one of the Industrial/highly populated area

1) Visited 5 ATMs in the evening on saturday - Corp Bank, ICICI, IDBI, SBI, BOI
2) ICICI ATM had cash but machine not working
3) Corp Bank had around 20 guys standing in queue, I was 16th, I got my turn in 15 mins. Most of the guys were young of 25-30 age. MOST OF THESE GUYS WERE CARRYING 3-4 Cards, carrying pin of each in their mobile as sms or chit. Taking upto 6-8 thousand in a go. I withdrew 2k
4) ICICI bank was accepting application for change - 10-20 guys were standing
5) After the deposits are made, some guys call their friends/relatives to go and get 2k withdrawn
6) My cable wala took money in 500 ke notes. Ready to take any amount if I am ready to pay advance
7) Medical store wala had no problems for taking 500 notes

Chashmawala also was ok with payment of Rs 3000 in 500 notes
9) Went to IDBI Bank/ATM with SHQ. Same story. Withdrew another 2k. Stood there for 15 mins again.

Something does not add up. Why sudden surge of ATM withdrawal when you are allowed to withdraw Rs 10k with less hassle. With two accounts one can withdraw upto 20k for a day. 40k for a week.

Learnt from a gent how one guy 'employed' security guards, safai wala and car wash wala of our society to depost his 2 L with 5% 'discount. "Exchange my 4k and give me back 3800/-" To date this guy has managed 4-5 lac in exchange.

Sicanta · Post by **Sicanta** » 14 Nov 2016 10:06

Murugan wrote:
Learnt from a gent how one guy 'employed' security guards, safai wala and car wash wala of the society to depost his 2 L with 5% 'discount. "Deposit my 4k and give me back 3800/-" To date this guy has managed 4-5 lac in exchange.

First of all, Deposit or exchange?

Murugan · Post by **Murugan** » 14 Nov 2016 10:10

Fortunately deposit wala queue was very small. Exchange walas were shockingly more. Witdrawal fro the counter walas were lesser compared to suckers (with 3-4 cards) at ATMs.

Sicanta, for that hoard guy - it is exchange not deposit. My bad.

Bart S · Post by **Bart S** » 14 Nov 2016 10:11

vina wrote:Was dropping my kid off at the bus stop this morning and noticed an ICICI ATM getting replenished. Waited for the bus to pick up the kid , then walked back home, picked up my wallet , walked back to the ATM . By then a small line had formed. It took around 10 minutes, and I withdrew Rs 2000 .

We hardly use any cash at all, we are an all "electronic" family. I pay my driver via IMPS to his bank account only the maid insists on cash , along with the kids music teacher. Those two too will become electronic going forward. The only use of cash is for BMTC Volvo (the monthly pass doesnt make sense for me, the BMTC should come up with a limited use, stage to stage pass) , to buy veggies as needed . Even the milkman is always paid by cheque monthly. All our bills (power, phones,Tatasky etc is paid electronically). I cant imagine any middle class family today in India lining up to pay all this with cash (unless you are a doctor/lawyer kind of guy who handles cash on a regular basis.. my dad, for eg, is all deposit and no withdrawl and his ATM card keeps expiring on him and he is resistant to use any kind of card and refuses to get a credit card).

I guess after this, I expect limits on weekly and daily cash to continue. And now with the big denomination tackled and supply limited, the next step would be to do the same with Rs 100 and Rs 50 notes. That will be done with fair and a campaign to tell people to go electronic , as that is not the place where people can stash large amounts of wealth. Once that is done, I guess, you can start using the payment apps /UPI/Wallets what have you to do small daily transactions and we head towards a real cashless place like Sweden (with minimal use of cash).

Once cash goes electronic, petty corruption goes too, especially in the govt offices etc, more so, if those services are taken online and little or not need to go to an office for service.

Spot on. Govt has to make a big push to mandate cashless payment infrastructure at all levels, there must at least be an option for cashless payment. It would have been great if knowing that this was coming, they had done it ahead of time, but at least now, when the benefits of such infrastructure is fresh in people's minds. All that is needed is a smartphone for UPI (perhaps somebody can build a ruggedized cash register type version using Android with day-long battery life and waterproofing etc) and a credit card reader accessory for a smartphone (no need of the expensive Gemalto/Verifone type swiping machines for smaller vendors). Such a machine can be sold at zero tax and with subsidies.

Another thing that I have heard people say is, how do you expect a small vendor to have a smartphone. Well firstly the pushcart vendors aren't the initial target market, there are millions of bigger shops and traders (any shop pretty much) that should get that infrastructure first. Secondly, even for the pushcart vendor, most of them already have smartphones, the few that cannot afford them do not buy them as they cannot justify the cost to themselves. If people start using it for payments and they see the benefits of time saved + security (policeman/goonda cannot grab hafta from them like if cash were lying around) it becomes a tool for business, just like the pushcart itself. Point being, they might not shell out for a smartphone if all they can do on it is update facebook or play games, but once it helps them get business, they will go for it. And this can be leveraged by them in other ways as well, such as apps that let buyers know when such vendors are nearby or advanced notice of prices in the wholesale mandi etc.

Sicanta · Post by **Sicanta** » 14 Nov 2016 10:12

One can exchange only by sharing his pan card number. And since the system is online, anyone doing large no. of exchanges even in multiple banks against his id will get caught.

Murugan · Post by **Murugan** » 14 Nov 2016 10:17

Sicanta wrote:One can exchange only by sharing his pan card number. And since the system is online, anyone doing large no. of exchanges even in multiple banks against his id will get caught.

Some people have labour force at disposal, and their family members and friends. This is why the number of people are crowding banks for exchange. One guy arranges 5 other guys and your 20K is white in a day, and all get 5%. Out of these 5 guys arrange other 5 guys each. It is rolling.

kmkraoind · Post by **kmkraoind** » 14 Nov 2016 10:18

Murugan wrote:Something does not add up. Why sudden surge of ATM withdrawal when you are allowed to withdraw Rs 10k with less hassle. With two accounts one can withdraw upto 20k for a day. 40k for a week.

Previously, ATMs use to disperse Rs. 1000, 500, 100 notes. But new design/size of Rs. 2000 is different than withdrawn notes, so they need to get/change tray for new notes. Until that time, only Rs. 100 notes tray work. Usually an ATM can hold 80-90 lakhs (all denominations), now they have only have around 8 lakhs (only Rs 100 notes). So they rationed the limit to Rs. 2000, so that the 8 lakhs can be dispersed to many (x10), than previous limit of Rs. 20,000. Its a temporary hiccup, once new trays come and they change all 8-10 lakh ATMs with new treys, then situation normalizes.

Murugan · Post by **Murugan** » 14 Nov 2016 10:21

As per RBI guidelines one atm can hold max upto 12 L, though the capacity is 88 L

Sicanta · Post by **Sicanta** » 14 Nov 2016 10:29

Murugan wrote:
Sicanta wrote:One can exchange only by sharing his pan card number. And since the system is online, anyone doing large no. of exchanges even in multiple banks against his id will get caught.
Some people have labour force at disposal, and their family members and friends. This is why the number of people are crowding banks for exchange. One guy arranges 5 other guys and your 20K is white in a day, and all get 5%. Out of these 5 guys arrange other 5 guys each. It is rolling.

The exchange program is not going to last beyond this month. They have not declared as such so as to not add to the panic. Once the atm situation stabilizes and all the emergency currency has been exchanged, only deposits into one's own account will be allowed. After that, it will be a herculean task to convert bm into white. And by then, the most you can exchange is a few lakhs.

shynee · Post by **shynee** » 14 Nov 2016 10:32

Not sure if this was posted before. But worth watching (in Hindi by Anil Bokil).

https://www.youtube.com/watch?v=hXfMuBHS8uI
https://www.youtube.com/watch?v=lWRD_JFy3AI

Rammpal · Post by **Rammpal** » 14 Nov 2016 10:34

vina wrote:. Best to make them unviable / noncompetitive.

Impossible.
It fills a very unique niche.
Look at how it flourishes, despite charging ridiculous interest rates.

Sicanta · Post by **Sicanta** » 14 Nov 2016 10:35

Plus jewelers who tried to be too smart are done for

Crackdown on gold traders: Nov 15 may be last day for jewellers to deposit old notes

http://www.business-standard.com/articl ... 142_1.html

Murugan · Post by **Murugan** » 14 Nov 2016 10:48

Bart S · Post by **Bart S** » 14 Nov 2016 10:50

Murugan wrote:As per RBI guidelines one atm can hold max upto 12 L, though the capacity is 88 L

This could have been relaxed by the RBI to help with the current situation.

Murugan · Post by **Murugan** » 14 Nov 2016 10:51

CNBC-TV18Verified account
‏@CNBCTV18Live
Govt Official Says New `500 Notes To Be Rolled Out Across Branches By Evening, Will Come Into ATMs By November 15

Murugan · Post by **Murugan** » 14 Nov 2016 10:52

Bart S wrote:
Murugan wrote:As per RBI guidelines one atm can hold max upto 12 L, though the capacity is 88 L
This could have been relaxed by the RBI to help with the current situation.

True. Irony is the 100 Rupee slot can hold upto only Rs. 1.5 Lac

Murugan · Post by **Murugan** » 14 Nov 2016 10:59

Life has come to standstill in India's counterfeit capital (And it is in Bengal)

http://timesofindia.indiatimes.com/indi ... 410059.cms

Sicanta · Post by **Sicanta** » 14 Nov 2016 11:04

All the arrangements that are being made by BM holders so far are based on information publicly available, riders attached hardly known. Even if you successfully deposit some money, you never know when the IT dept comes knocking on your door if it deems the amounts deposited as unusual. And none of them know when the rules of the engagement will change again. Like how most of the jewelers will be left holding the tab in an attempt to make a profit out of demonetization drive, according to above news link.

In simple terms, no one is going to get away, barring a few exceptions.

pankajs · Post by **pankajs** » 14 Nov 2016 11:05

There are two points to note on Jewellers.

1. There are a limited number of Jewellers compared to the population. Leaving aside the really small one ALL the rest can be subjected to a deep probe.
2. Get the bullion trades and tally their inflows / outflows and co-relate that with the Jewellers inflow / outflows. Any big deviation should invite DEEP anal-sys. Numbers would be small.

Set an example. Even if it is not advertised the others in the trade will know via their informal network. These tend to be small cosy network.

Murugan · Post by **Murugan** » 14 Nov 2016 11:09

Website of National Payment Corporation of India (NPCI)

http://npci.org.in/home.aspx

some important statistics on home page

pankajs · Post by **pankajs** » 14 Nov 2016 11:14

http://www.business-standard.com/articl ... 253_1.html
After demonetisation, benami property holders the next target: PM Modi

Upping his ante against corruption, Prime Minister Narendra Modi on Sunday said he will how take action against 'benami' property holders.

The Benami Property Act came into effect from November 1. The law prohibits illegal benami transactions, under which up to seven years’ imprisonment and penalty for those indulging in such activities can be handed out,.

"We will take action against 'benami' property; This is major step to eradicate graft, black money." said Modi

shynee · Post by **shynee** » 14 Nov 2016 11:16

More from the Goa Speech. Watch from 31:45. All the Benami properties will be taken over by the government.

https://youtu.be/85ybZJ7zzwQ?t=31m45s

pankajs · Post by **pankajs** » 14 Nov 2016 11:21

http://www.financialexpress.com/economy ... ng/445210/
PM Narendra Modi reviews demonetisation process; here are the 12 things decided at the meeting

According to Shaktikanta Das, Secretary of Department of Economic Affairs, the following things were decided at the late night meeting on Sunday:
1) The banks have been advised to increase the cash holding limit of the banking correspondents to at least 50,000 rupees. In other cases, banks would be encouraged to increase the cash holding limits beyond 50,000 rupees in appropriate cases.
2) The reach and distribution of cash, especially in rural areas, will improve substantially.
3) Banking correspondents to be permitted by banks to draw cash in a single day multiple times.
4) To expedite process asap,task force being set up under the chairmanship of RBI Dy Governer, it will have representatives of banks as its members. It also has representatives of the department of financial services and the ministry of home affairs as their representatives. This task force has been instructed to work out a strategy to expedite the whole process of recalibration of the ATMs.
5) In the meantime, the micro ATMs will be deployed in a large number of areas to dispense cash against debit and credit cards.
6) Current account business entities which have an operational current account during last 3 months will be permitted to draw Rs 50,000 at a time.
7) The ATM limit also has been increased to 2,500 rupees with respect to the recalibrated ATMs. In other words, ATMs which are recalibrated to dispense new Rs500 or Rs 2000 notes, they can dispense 2,500 at a time.
]

It has been decided that all govt departments and central public sector undertakings will maximise their e-transactions.
9) RBI advised national payments corporation of India to waive its transaction charges on old transactions which are settled through the financial switch. This facility will available until 31st December. Banks also being advised to waive their charges for various kinds of transactions.
10) Annual life certificate which pensioners are required to submit during November, the time limit for that extended till 15 January 2017.
11) There will be separate queues for senior citizens and divyang persons in banks. There will be separate queues for those who are visiting the banks only to exchange old series of notes for new notes.
12) Currently, govt has given exemption to a certain category of transactions where old series of 500 & 1000 notes can be accepted. The limit for such transactions is being extended from 14th November midnight to 24th November midnight.

Sicanta · Post by **Sicanta** » 14 Nov 2016 11:22

GAAR (General Anti-Avoidance Rule) too is scheduled to come into effect from April 1 next year. It will allow targeting of tax evasion.

Murugan · Post by **Murugan** » 14 Nov 2016 11:23

ATM withdrawal limit increased to Rs 2,500/day; Exchange limit Rs 4500

http://economictimes.indiatimes.com/new ... 403272.cms

Rishi Verma · Post by **Rishi Verma** » 14 Nov 2016 11:32

Modi went to Japan after the Surgical Strike then landed in Goa, gave a powerful speech, went to karnataka, then Pune, then reaches Delhi last night and called a meeting at 9pm.

modi meeting on demonetising

Can somebody help id the attendees?
I can recognize only modi, rajnath, goel, jaitley...

Bart S · Post by **Bart S** » 14 Nov 2016 11:42

pankajs wrote:There are two points to note on Jewellers.

1. There are a limited number of Jewellers compared to the population. Leaving aside the really small one ALL the rest can be subjected to a deep probe.
2. Get the bullion trades and tally their inflows / outflows and co-relate that with the Jewellers inflow / outflows. Any big deviation should invite DEEP anal-sys. Numbers would be small.

Set an example. Even if it is not advertised the others in the trade will know via their informal network. These tend to be small cosy network.

The small ones need to be in the net. They are the ones most involved in selling buying gold outside of the system, since they slip under the radar and don't necessarily have to show the same paper trail that the bigger shops do.

sum · Post by **sum** » 14 Nov 2016 11:43

^^ Is this man even Human or are there 2-3 Modis roaming around all over the world and India?

Cannot imagine having such a stamina for a 30 year old, forget about a 60 year old person!

uddu · Post by **uddu** » 14 Nov 2016 11:45

Bart S wrote:
uddu wrote:
The problem here is thinking that ATM's can only run with new notes and they have to be upgraded with software. What if all the ATM's all across the country is run 24/7 with just 100 Rupee notes? in cities for each Bank there may be 4 to 5 ATMs and also they can work 24/7 not like bank employees. So if ATM's are run even with 100's the queue in banks will come down considerably and those who need their old notes exchanged only have to stand. After few days only those ATM's that need upgrade and people working on it to upgrade can go down for a day while all others are working.

Also i have seen the ATM's functioning in some areas. First one bank's counter was open with 2 ATM's in it. and the queue length was around 40-50. Then after one hour another started to function and the queue went down by 20 people. So the more ATM's start to open all the queues will disappear.
Boss this is already being done, the problem is that with 100 Rs notes (and a security guard standing next to the ATM to ensure only 1 card per person) the ATMs are running out of money in an hour or two and then it takes 7-8 hours before they are replenished with cash.

Not yet sir. May be in some places. But from inquiry with the security guards, i can tell you that money was not loaded into them till now. And this is in some areas. Whereas in some areas they are running and the queue is not as long as thought. What is not done is that this is not done all across. From yesterday this seems to have picked up speed. Possibly by today evening we will see most ATM's working and from tomorrow onwards lesser rush at the banks.

suryag · Post by **suryag** » 14 Nov 2016 11:47

BTW for exchange of notes, what is the bank checking ? aadhar card ? if there is no aadhar card is it pan card, am afraid there might be a loophole in exchanging notes when there is no live verification of a person's id. what is the guarantee am who i state am

LokeshC · Post by **LokeshC** » 14 Nov 2016 11:48

sum wrote:^^ Is this man even Human or are there 2-3 Modis roaming around all over the world and India?

Cannot imagine having such a stamina for a 30 year old, forget about a 60 year old person!

He is a Brahmachari and a true karma yogi.

Sicanta · Post by **Sicanta** » 14 Nov 2016 11:53

suryag wrote:BTW for exchange of notes, what is the bank checking ? aadhar card ? if there is no aadhar card is it pan card, am afraid there might be a loophole in exchanging notes when there is no live verification of a person's id. what is the guarantee am who i state am

PAN card. System online so they know all the exchanges made everywhere against the id.

chetak · Post by **chetak** » 14 Nov 2016 12:01

Rishi Verma wrote:Modi went to Japan after the Surgical Strike then landed in Goa, gave a powerful speech, went to karnataka, then Pune, then reaches Delhi last night and called a meeting at 9pm.

modi meeting on demonetising

Can somebody help id the attendees?
I can recognize only modi, rajnath, goel, jaitley...

There were FINMIN baboo(n)s, RBI and maybe also some PSU bank big wigs.

Sachin · Post by **Sachin** » 14 Nov 2016 12:02

Mean while the trader's grand plans for an indefinite strike in Kerala seems to have petered out..
Vyapari Vyavasayi Ekopana Samithi drops protest plan......
They have met and negotiated with the state's Finance Minister, who is a vocal critic of this move. So don't know what were the "agreements" which were made.

Murugan · Post by **Murugan** » 14 Nov 2016 12:30

Author Unknown

challenges and effects of demonetization, and am summarizing the points below for your benefit:
1. Immediate impact: is expected to be negative all round:
a. In the short term it will be a logistical nightmare to manage the cash replacement in banks and smooth functioning of the banking system
b. slowdown in consumer spending due to limited cash availability
c. severe liquidity issues in cash based sectors like Real Estate and Jewellery
d. GDP will decline in the next 2 quarters due to reduction in overall spending
2. Over the next 4-5 months:Those having legitimate income will deposit it in banks and apart from the initial hassles associated with the banking system, they will have nothing to worry about.
However those having unaccounted money will face several problems as follows:
a. Those who choose to do nothing with the money, their notes will expire worthless. Every note is a liability of the Government (RBI), and thus notes becoming worthless will benefit the Government by extinguishing its liability.
b. Those who declare their unaccounted money, approx 60- 70% of the money will go to the Govt in the form of taxes and penalties.
c. There will be a third category who will try to launder their money, but which will entail severe risks including penalties and prosecution. However, the money sought to be laundered will anyway enter into circulation and remain therein.
It is expected that even if 50% of the around 14 lakh crores of old notes are legitimate, the remaining 50% or around Rs 7 lakh crores of unaccounted money will see around 60 to 80 % thereof or approx Rs 5 lakh crores coming to the government in the form of extinguished RBI liability (point a above) and taxes and penalties. This Rs 5 lakh crores is enough to take care of India's entire fiscal deficit for one year or more.
3. Overall Economic Impact:
a. GDP growth is expected to be negative for around 6 months. However subsequent 2 years will see sharp "hockey stick" revival in growth.
b. Inflation is expected to fall sharply with fall in Real Estate prices and transaction costs thereof.
c. Government Deficit will see a huge windfall in the next 2 years.
d. Currency is expected to strengthen as inflation drops and economy gets a boost.
e. Banking System will get a boost, as around Rs 7-8 lakh crores base money (new legal money) will enter the system, which will further create around 3-4 times more money due to re-circulation.
f. Real Estate and Jewellery sectors, though battered initially will stabilize in the next 6 months.
4. Effect on various Asset classes:
a. Bond prices will rise as interest rates drop.
b. Real Estate is expected to fall by around 20 -25 % and stabilize thereafter.
c. Effect on Gold is a bit uncertain, and may be neutral/ negative. Lower black money will depress demand, but at the same time Gold is a hedge against uncertainty and those still wanting to park black money may prefer to put it into Gold instead of cash.
d. Equity is expected to benefit the most due to three reasons. One, there will be a gradual shift from physical assets (real estate/ Gold) to financial assets. Two, the organised sector (corporates, expecially listed ones) will benefit due to less cash transactions. Lastly, lower inflation and interest rates will benefit listed corporates through lower borrowing costs, thereby increasing their profitability and valuations.
Thus Asset Allocation and re balancing thereof will now play an even more important role, making proper financial planning imperative.
Lastly, the question may arise as to whether the new Rs 2000 Rupee notes will create more black money or not. While that is always a possibility, it should be noted that this demonetization would have created a psychological impact especially on large scale evaders who will definitely think twice before taking such action.

chetak · Post by **chetak** » 14 Nov 2016 12:42

Received by email. CT or possible??

Bankers woes .

Hi, I am working in a leading national bank and I am writing this with great disappointment.Corrupt bank official are changing black money into white.
Modus Operandi:- Government allow to change 4000/- rs per person per day.

1. Big corporate houses, factories are using i.d. of their employees (photocopy can be easily obtained by H.R files of employees) ,giving these I.Ds in bulk to branch managers and corrupt branch managers are changing 4000/- RS per ID of black money into white each day. For example ID of 500 persons can convert 20,00,000 rs per day per branch into new currency. Multiply it to number of branches doing this and you will be surprised how much black money can be converted to new currency in a single day.

2. Agents contacting telecom houses, mobile shops for getting photocopy of IDs in bulk and using them to convert black money into white with the help of banks.

3. Branch managers are taking photocopy of IDs from saving account of peoples and using thousands of these IDs to covert 4000/- rs per ID into new currency.

This is going on very large scale. Crores of black money is converting into white every hour. Instead of giving new currency to public, banks are giving it to black money hoarders. Because of this, even after issuing thousands of crores of 2000 notes by RBI, public still waiting to get new currency.

Kindly share it to as many peoples and platforms as you can so that this malpractice comes into government knowledge and this can be stop immediately and this great step of currency change don’t go into vain. share it to PMO and other official government pages.

#whistle_blow #corrupt_bankers #share_to_stop

Sicanta · Post by **Sicanta** » 14 Nov 2016 12:49

chetak wrote:Received by email. CT or possible??

Bankers woes .

Hi, I am working in a leading national bank and I am writing this with great disappointment.Corrupt bank official are changing black money into white.
Modus Operandi:- Government allow to change 4000/- rs per person per day.

1. Big corporate houses, factories are using i.d. of their employees (photocopy can be easily obtained by H.R files of employees) ,giving these I.Ds in bulk to branch managers and corrupt branch managers are changing 4000/- RS per ID of black money into white each day. For example ID of 500 persons can convert 20,00,000 rs per day per branch into new currency. Multiply it to number of branches doing this and you will be surprised how much black money can be converted to new currency in a single day.

2. Agents contacting telecom houses, mobile shops for getting photocopy of IDs in bulk and using them to convert black money into white with the help of banks.

3. Branch managers are taking photocopy of IDs from saving account of peoples and using thousands of these IDs to covert 4000/- rs per ID into new currency.

This is going on very large scale. Crores of black money is converting into white every hour. Instead of giving new currency to public, banks are giving it to black money hoarders. Because of this, even after issuing thousands of crores of 2000 notes by RBI, public still waiting to get new currency.

Kindly share it to as many peoples and platforms as you can so that this malpractice comes into government knowledge and this can be stop immediately and this great step of currency change don’t go into vain. share it to PMO and other official government pages.

#whistle_blow #corrupt_bankers #share_to_stop

I am sure this is happening but not a scale mentioned here plus telecom companies or mobile shops dont usually have pan card id. The gov and RBI would have noticed. And the banker who is so concerned would have complained directly to PMO/RBI anonymously instead of pushing out useless info in public.

Pratyush · Post by **Pratyush** » 14 Nov 2016 12:51

This seems to be a CT. As it cannot be done in the absence of collusion from the account holder as well. Else how will the funds be recovered.

Bart S · Post by **Bart S** » 14 Nov 2016 13:03

This is spam and has served it's intended purpose by being forwarded and posted here.

Raghz · Post by **Raghz** » 14 Nov 2016 13:08

Crossposting: I still do not understand why many educated folks are trying to exchange old notes. All one has to do is deposit old notes on one hand and withdraw 10K by self cheque on the other. Ofcourse this assumes that you have a bank account. If one has a bank account it is relatively easy. The queue for exchange is the longest. The ATM queue is non existent since most ATMs are not working. Use the cheque. I have done the same and came out of the bank within half an hour. I saw many office going people standing in the long exchange queue. Why? Just use traditional banking service of withdrawing your money through cheque. Yes, getting 100s and 50s is difficult. Please use your imagination. A cheque of 5000 Rs gives you 2 notes of 2K and 10 notes of 100 Rs. Most people, including myself are in the habit of transacting with cash. I forced myself to transact with debit card, only if there is no other option would I use cash. Also, I am not visiting the branch daily to hoard money. I know my money is safe. Some people are visiting the branch unnecessarily.