People in Kerala were seen queuing up in front of banks, post offices and the Reserve Bank of India offices on Thursday, carrying Rs 500 and Rs 1, 000 notes that have now been demonetised.
All those arriving at these places were issued a form to fill up and the maximum that could be exchanged across the counters was Rs 4, 000, while any amount could be deposited into an account.
"We have opened 10 special counters for collecting the currencies that are no longer legal tender.
We will be open till 6 p. m. Even though there is rush, things are going smoothly.
We give out all denominations from Rs 100 and downwards, " said a senior official from Syndicate Bank in Kochi.
"This is huge problem and it's the poor and ordinary people who have to go through all the hassle.
I just had four Rs 1, 000 notes and see the trouble I have to undergo as I came here at 8 a. m. and I am standing in the queue, " said an old man in Kannur.
At the Kannur head post office, things did not open up smoothly as people, after queuing up, were told that the money which was supposed to come from the State Bank of India for disbursing was yet to arrive.
In the state capital, long queues were seen in front of the RBI office from 8. 30 a. m. onwards.
"There need not be panic, the rush will subside in a few days time as all the ATM's will start functioning from tomorrow (Friday) onwards, " said a senior bank official with the State Bank of Travancore, here.
Former Chairman of the Federal Bank, K. P. Padmakumar hailed the decision of the Prime Minister as one of the best to have happened post - independence.
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