New Delhi: After standing in the bank queue for four hours, 38-year-old Imtiaz Alam’s pockets finally got heavy – quite literally. Out of notes, the bank gave him Rs. 20,000 worth currency in 10 rupee coins.
Mr Alam, a PR professional, who stood in line for four hours outside Jamia Cooperative Bank on Friday to exchange his banned Rs. 500 and 1,000 notes, was told by the manager that the funds were insufficient and he could only exchange Rs. 2,000. But, after Mr Alam explained the manager that he needed a larger amount he finally relented to the request but with a rider – that he will get all money in 10 rupee coins.
“Though I was concerned on how to carry it (the bag full of coins) but I gladly agreed. at least it is valid money,’ Mr Alam said.
He has already used some of the coins to pay for restaurant bills and cab fares. Mr Alam also has offers to exchange 2,000 rupee notes for the coins.
The currency ban was announced suddenly by Prime Minister Narendra Modi on November 8 to check tax evasion and black or untaxed money. In the past 10 days, there have been several additional announcements to ease the crisis for people