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India's Demonetization Drama, Explained

Immediate Aftermath
Immediate Aftermath

Banks were closed for the day on November 8 when the move was announced and were asked to remain so the next day too to aid the transition. Long queuessoon formed in front of Automated Teller Machines, which quickly ran out of 100-rupee notes due to high demand. ATMs usually disperse notes of 1,000-rupee, 500-rupee and 100-rupee.

Many Cash Deposit Machines in big cities in the country were filled up in few minutes as people converted their cash into digital balances.

ATMs remained shut the next day and for more in some places and were occasionally open in others. The long queues still continue as
currency notes of small denomination are in short supply and ATM withdrawals remain limited to 2,500 rupees a day.