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India demonetisation: Banks begin swapping banned notes India demonetisation: Banks begin swapping banned notes
(35 minutes later)
People are queuing up outside banks across India to exchange 500 and 1,000 rupee notes which were banned by the government on Tuesday.People are queuing up outside banks across India to exchange 500 and 1,000 rupee notes which were banned by the government on Tuesday.
People will be able to exchange their old notes, which are no longer legal tender, for new ones at banks until 30 December.People will be able to exchange their old notes, which are no longer legal tender, for new ones at banks until 30 December.
The surprise move is part of a crackdown on corruption and illegal cash holdings.The surprise move is part of a crackdown on corruption and illegal cash holdings.
Banks were shut on Wednesday to allow them enough time to stock new notes.Banks were shut on Wednesday to allow them enough time to stock new notes.
There are also going to be limits on cash withdrawals from ATMs starting on Thursday. There are also going to be limits on cash withdrawals from ATMs starting on Thursday.
The BBC's Vikas Pandey, who has been out and about on the streets of Delhi since Thursday morning, says "almost every bank I have visited in old Delhi has long lines. People, mostly businessmen, are worried. There seems to be a lot of confusion over what people can and cannot do with their cash".The BBC's Vikas Pandey, who has been out and about on the streets of Delhi since Thursday morning, says "almost every bank I have visited in old Delhi has long lines. People, mostly businessmen, are worried. There seems to be a lot of confusion over what people can and cannot do with their cash".
The banned currency notes represent 85% of the cash in circulation in India.The banned currency notes represent 85% of the cash in circulation in India.
Meanwhile, Indian social media has been talking of little else.
The top trend on Twitter India has been #CashCleanUp with tweets ranging from the frustrated to the humorous, as many Indians came to terms with the fact that much of their day would be spent in lines.
New 2,000 (about $30; £15) and 500 rupee denomination notes to replace those removed from circulation will be injected into the economy over the next "three to four weeks", Finance Minister Arun Jaitley said.New 2,000 (about $30; £15) and 500 rupee denomination notes to replace those removed from circulation will be injected into the economy over the next "three to four weeks", Finance Minister Arun Jaitley said.
The move is designed to lock out money that is unaccounted for - known as "black money" - which may have been acquired corruptly, or is being withheld from the tax authorities.The move is designed to lock out money that is unaccounted for - known as "black money" - which may have been acquired corruptly, or is being withheld from the tax authorities.
Finance Secretary Shaktikant Das warned people with large amounts of hidden cash that banks would closely monitor the exchange of old notes for new ones.Finance Secretary Shaktikant Das warned people with large amounts of hidden cash that banks would closely monitor the exchange of old notes for new ones.
The government says the move would flush out tax evaders, adding that all old notes deposited in banks would be subjected to tax laws.The government says the move would flush out tax evaders, adding that all old notes deposited in banks would be subjected to tax laws.
How long have people got to change their old notes?How long have people got to change their old notes?
The 500 and 1,000 rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November. People will be able to exchange their money at banks between 10 November and 30 December.The 500 and 1,000 rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November. People will be able to exchange their money at banks between 10 November and 30 December.
How much 'black money' is there in circulation?How much 'black money' is there in circulation?
The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India. The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency.The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India. The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency.
Is there a limit on the amount an individual or household can cash in?Is there a limit on the amount an individual or household can cash in?
It seems not. An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash.It seems not. An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash.
Government guidelines say it is possible to exchange 4,000 rupees - but it is not clear if this is per day or in total. If there is a legitimate explanation for the cash, the authorities say, it will be possible to exchange it.Government guidelines say it is possible to exchange 4,000 rupees - but it is not clear if this is per day or in total. If there is a legitimate explanation for the cash, the authorities say, it will be possible to exchange it.
Do you have 500 and 1,000 rupee bank notes that will need to be changed? Get in touch and email haveyoursay@bbc.co.uk.Do you have 500 and 1,000 rupee bank notes that will need to be changed? Get in touch and email haveyoursay@bbc.co.uk.
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