Hindustan Times ST (Mumbai) - HT Navi Mumbai Live
Chaos as people rush to dump worthless notes Trump meets Obama as protests erupt across US
CURRENCY FRENZY
Winding queues of angry and panicking customers formed outside banks and post offices across India on Thursday, as millions of people tried to exchange banknotes the government abruptly pulled out of circulation in a crackdown on “black money”.
At places, banks called in police or closed down for the day to cope with the crush of customers. Scenes of chaos and brawling were reported from all over the country, indicating the authorities were probably underprepared for the currency switch Prime Minister Narendra Modi announced on Tuesday.
Some banks opened late, staggered the entry of customers or ran out of cash within hours. Filing forms and other formalities for an exchange led to longer queues and patience running thin.
People have until December 30 to deposit or exchange their worthless 500-and 1000-rupee notes for smaller bills or the new 2000-rupee note that is expected to make counterfeiting harder.
State-run banks saw an average of 3,00,000-4,00,000 transactions to exchange banned notes, government sources said. No consolidated figures were available for deposits. Transactions were also said to be brisk at private banks.
In a cordial beginning to the transfer of power, US President Barack Obama and President-elect Donald Trump met at the White House Thursday. Obama called the 90-minute meeting “excellent,” and his successor said he looked forward to receiving the outgoing president’s “counsel.” Afterward, Obama said to Trump, “We now are going to want to do everything we can to help you succeed because if you succeed the country succeeds.”
The two men, who have been harshly critical of each other for years, were meeting for the first time, Trump said.
Meanwhile, from New York to Los Angeles, thousands rallied Outgoing US President Barack Obama (right) met Presidentelect Donald Trump at the White House on Thursday. against the president-elect, some carrying signs declaiming “Not our President”.