Nearly 20 days after the Centre’s demonetisation move, the queues outside the ATMs have eased but customers have been crowding the banks in large numbers to withdraw and deposit money.
Providing a window to black money holders, the government had proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught.
“The queues before banks started today in afternoon only, almost at all the bank branches here. But few people came here to enquire about the government’s announcement whether they should first to go to Income-Tax authorities or approach the banks first,” an executive of a leading private sector lender at Fort in South Mumbai said.
People are not well aware of what to do to follow the government’s announcement, he said.
Many people, specially who run businesses, stood in queues to withdraw money for distribution among their workers since it is almost month-end.
“I need some money to give salary to my workers and this is why I am here,” said a man standing in a queue outside a bank in Lower Parel area.