At one of these banks, employees informed the public that they would not be allowed to withdraw any amount more than Rs 2,000. Moreover, many contract workers have been paid their income in old denominations that have ceased to be considered as legal tenders. You can see that these workers, who have taken these old notes, are standing in the line,” the senior bank employee added. Earlier, banks were required to report to the income tax department only when cash deposits in an account exceeded Rs 10 lakh in a year. However, occurrences of people flashing different identity cards at different banks and branches to bypass this cap have come to light.

Source: Indian Express November 12, 2016 21:04 UTC