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Days after Prime Minister, Narendra Modi announced Demonetisation of Rs 500 and Rs 1000 currency notes, the banks in Jammu and Kashmir have recorded deposit of whopping Rs 1100 crore in last two days, officials revealed.

Post announcement of withdrawal of high denomination notes of Rs 500 and Rs 1000, people are thronging bank branches to replace or deposit their currency with new ones.

“ The total collection of Rs 1000 and Rs 500 notes which have lost legal tender stood up at Rs 1100 crore in last two days in JK,”  said a senior bank official adding that the figure is a compilation of deposits of all the private and public sector banks operating in JK.

“Major share of deposit is recorded by the J&K Bank, “he said adding that at present he doesn’t have the exact amount of deposits recorded by the JK Bank.

Meanwhile, huge rush of customers and serpentine queue of people were witnessed outside bank branches and ATMs Kiosks in the Valley.  

Thousands of people queued up hours before the banks and post offices opened today across Kashmir valley with the notes and identity papers to replace the old Rs 500 and 1,000 notes.

The main branch of Jammu and Kashmir Bank and State Bank of India located at Residency Road witnessed huge rush of people through the day. 

In other banks like Punjab National Bank, HDFC Bank, Punjab National Bank and other banks, a large number of people were seen in queues from wee hours waiting for their turn to replace the old notes. 

Most of the people were seen depositing their old currency notes. However, some people were also seen exchanging their old cash for new notes. 

Reports from districts, tehsil and other townships of the valley said that there was also a huge rush of people in the banks for changing their currency with new ones.

There was also rush outside the ATM booths which resumed operation from today after remaining out of service following  demonetization announced by the PM. Most of the ATMs ran out of the cash due to heavy rush of people.

“ I went around several ATMs but none had cash. I was hoping that this (TRC) ATM will have cash but couldn’t even find money here,” Farooq Ahmad said. Bystanders at the TRC ATM said cash was deposited twice during Saturday but still the ATM was out of cash by evening.

 However, JK Bank and other bank ATMs in Srinagar and other district headquarters were abuzz with people as these ATMs re-opened after two days on Saturday.

Demonetization, which is the act of stripping a currency unit of its status as legal tender, was brought into effect by the centre since Tuesday midnight when Rs 1000 and Rs 500 denomination currency notes were scrapped. Following an announcement by PM Narendra Modi regarding demonetization, capital markets in India took a nosedive while as Rupee shrugged almost 52 paisa on Friday. 

Pertinently, Union Finance Minister Arun Jaitley on Thursday said that the de-monetization of Rs 500/1000 currency notes would help to curb terror funding. Economic and stock markets experts have opined that demonetization will benefit India in long term. Meanwhile, the Supreme Court will hear a plea against demonetization