India Central Bank Says Enough Cash Available As Crowds Throng Banks

"I am surprised that the Congress is asking why I stopped Rs 1,000 notes and Rs 500 notes".

Officers also said they had more than 3,000 emergency calls reporting fights in Delhi on Friday, and on Saturday they received almost 200 calls in the first four hours after banks opened at 9am local time. "He is taking bullet train rides in Japan and here you have old people knocking on bank doors for cash", said Prabhat Kumar, a college student who said he had spent six hours at the queue. People in Mumbai said grocers were charging 10 times the price of salt in return for accepting the old cash notes and in Bengaluru some people were using their old notes to buy one-time insurance policies. Gandhi had said that he was standing in queue as the people were suffering while exchanging their demonetised 500 and 1,000 rupee notes.

Prime Minister Narendra Modi suddenly announced on Tuesday that the country would end the use of 500 and 1000 rupee notes, respectively worth about $7.50 and $15 US dollars.

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"We have taken a key step to help the honest citizens of India defeat the menace of black money", he said in a speech in western seaside resort of Goa.

Modi came to power in 2014 with a mandate to boost economic growth and fight the corruption that taints large parts of India's political and business life.

"People are facing hardships".

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"I know what kind of forces and what kind of people who will be against me now". I feel that pain.

But even after five days of the announcement, desperate people continued to line up Sunday for hours outside banks and ATMs, with many running out of cash by the afternoon and prompting anger against the government's latest anti-corruption measure.

The "black economy", the term widely used to describe transactions that take place outside formal channels, could account for as much as 20 percent of gross domestic product, according to investment firm Ambit. Yadav demanded Modi withdraw the decision to cancel the bank notes.

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Dubbing the Centre's demonetisation move as the "black policy of the black government", West Bengal Chief Minister Mamata Banerjee has demanded withdrawal of the decision. People have money in their accounts but can't access it.


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