While serpentine queues were witnessed at banks across the city where people thronged to exchange Rs 500 and Rs 1000 for new currency, some of the banks ran out of cash. In many areas, people were seen queueing up outside banks even before they opened for business.
"First I had to wait for four hours to get new currency of Rs 4000 then I still could not buy anything because I just had two notes of Rs 2000. As the lower currency notes are available in limited quantity nobody could give me change," Bharti Raghav, a housewife said.
People are particularly facing difficulties in buying milk, vegetables, medicines and other daily essentials and in commuting in auto-rickshaws and taxis.
Citizens in many areas were seen fuming over having to wait in long queues in banks and ATMs for hours on a working day.
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Security was also beefed up in banks in view of the rush of people. As many 3,400 personnel of paramilitary and Delhi Police along with quick reaction teams have been deployed across the national capital for maintaining security in banks.
Following Prime Minister Narendra Modi's announcement to withdraw the high denomination notes, the banks were ordered to remain closed yesterday to realign and reload new Rs 500 and Rs 2,000 currency.
Banks have been asked to be open on weekends including Sunday to deal with the situation. The ATMs will resume functioning from tomorrow but there is a limit of withdrawal of Rs 2000 per day which is expected to be increased in coming week.
Major markets and shopping complexes reported marginal trading due to shortage of cash.
"There are around 9 lakh small traders in the city who have been hit directly by withdrawal of the notes. All the major markets including Chandni Chowk, Sadar, Lajpat Nagar, Sarojini Nagar, Khan Market, Khari Baoli have been affected as buyers have no money to spend," said Brijesh Goyal, convener of Chamber of Trade and Industry.
"Nearly 80 per cent of the market including grocery, garment, transport, bullion, hotels and restaurants and other businesses have been hit. Work has stopped at all the markets with traders preferring to sit at home and wait for situation to normalise," Goyal said.
Transporters in the city also expressed concerns that the plying of trucks on the road will be hit soon as cash is not available in adequate quantity in the market.