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Banks Mobbed as ATMs go Cashless in Gurugram after PM Modi’s Demonetisation Move

People massed outside over 700 branches of various banks and more than 1,300 ATM booths in Gurugram

Indian Currency, Pixabay

Gurugram, November 12, 2016: Anxious crowds massed outside Gurugram banks to withdraw money or deposit or exchange their demonetised currency as over 80 per cent of the Automated Teller Machines (ATMs) remained cashless here on Saturday.

People massed outside over 700 branches of various banks and more than 1,300 ATM booths for the third consecutive day to withdraw cash only to find that the ATM booths in the millennium city were out of cash.

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While the ATMs of Axis, ICICI, HDFC, Dhanlaxmi and a few other banks near the railway station and on railway road were not working, the government run State Bank Of India (SBI) and Punjab National Bank (PNB) in the Sadar Bazaar were dysfunctional.

Similarly, the ATMs of Central Bank Of India, ICICI, Canara and some other banks here on Gurudwara road were not functional but people said Punjab and Sindh Bank ATMs were working.

People in queues outside the ICICI bank in this area created noisy scenes as the server of the bank was reportedly working slowly.

“We are standing in queue for nearly three hours but haven’t moved even an inch,” Vikas Sharan, an executive with a private firm, told IANS.

The same was the situation at the ATM booths in upscale New Gurugram areas.

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According to a source, contractors and some factory owners have pressed their labourers into service to exchange their Rs 500 and Rs 1000 notes demonetised on November 8.

Banks in Udyog Vihar, sector 33 and IMT Manesar areas which have a number of factories and companies, witnessed larger crowds.

Shops and business outlets in Gurugram were open on Saturday.

Sadar Bazaar, Bada Bazaar and other places have been witnessing low footfalls as customers and traders in old markets prefer transactions in cash and not through credit/debit cards.

Amid rumours of raids by the income tax department on Friday, a curfew-like situation prevailed in the markets in Gurugram, the tech hub and suburb of Delhi.

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Most of the people facing problems in getting their old currency notes exchanged said the demonetisation taken by Prime Minister Narendra Modi was right.

It will cause inconvenience to the common man for a week or two but will help the country in the long run, they said.

Haryana Police has deployed nearly 2,000 policemen for security and to keep a check on the law and order situation outside banks and ATM booths. (IANS)

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PM Narendra Modi: Government bringing Stringent Consumer Protection Law

Prime Minister Modi
Prime Minister Narendra Modi during a speech. IANS

New Delhi, October 26: Prime Minister Narendra Modi on Thursday said the government was in the process of enacting stringent legislation aimed at protecting consumers along with setting up a Consumer Protection Authority (CPA).

“Consumers’ protection is this government’s priority. We are in the process to bring a new law on consumer protection keeping in mind the need of the country and business practices here,” Modi said at an International Conference on Consumer Protection for East, South and South-East Asian Countries.

“We are in the process of forming a Consumer Protection Authority, which will have executive powers, for immediate redressal.”

The rules were being streamlined to solve consumer problems in less time and at less cost, he added.

“The stress is being given on consumer empowerment. Strict provisions are being contemplated against misleading advertisements,” Modi said.

He said India was among the few countries which had enacted a law a year after the UN adopted guidelines on consumer protection in 1986.

The Prime Minister also said the prices of commodities were set to go down and consumer protection for their interest effects due to the implementation of the Goods and Services Tax (GST).

Due to the GST, the competition among companies was going to increase. So prices will go down. It will help consumers from lower middle class and poor sections,” Modi said.

“Earlier, transportation by trucks would take five days but it has come down to just three three days now as checkposts on borders have vanished after the GST. It means transportation cost has gone down. This is going to be transferred to consumers,”

Taking a dig at those opposed to the GST, he said: “Some people may be taking advantage of the lack of awareness. However, the benefits will be transferred (to consumers) in days to come.”

Talking about the conference, Modi said: “It shows how seriously we take the needs of our citizens and how we strive hard to solve their problems”.

“It is the first conference in the region, where everyone is trying in their own ways to save the interest of consumers. However, we have to keep in mind that the world is going towards a single market,” Modi said.(IANS)