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Understanding Demonetization in India by Shrawan Kumar Singh

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APPENDIX 9.2

Operational Problems

Cash Crunch across the Country

There was a considerable amount of cash crunch in the entire nation. Soon after the scheme was announced, there were long and serpentine queues outside banks and ATMs. Even after 1 month, people continued to deal with the cash crunch. Queues outside banks continued even as banks across public and private sectors complained of not having enough cash to meet the people’s needs.

RBI’s Guidelines for Cash Withdrawal

The government and the RBI changed rules for withdrawal, exchange, and deposit of cash several times since demonetization. In days that followed the rollout of new currency notes on November 10, the use of old notes was completely scrapped out, and then the deadline was ...

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