People throng ATMs post demonetisation announcement

Minutes after Prime Minister Narendra Modi announced the decision to ban Rs 500 and Rs 1,000 currency notes from midnight, people rushed to their nearest ATMs to withdraw Rs 100 notes to meet their daily expenses.

With most ATMs programmed to dish out higher denomination notes of Rs 500 and above, people were resorting to withdrawal of smaller amounts of up to Rs 400 to avoid getting a Rs 500 banknote.

People were even seen trying to deposit banned notes in ATM vending machines.

"As soon as I learnt about the decision, I rushed to the ATM to withdraw some money as I was having only Rs 500 notes.

But there was a big queue and I managed to withdraw Rs 2,000 in five installments," a TCS employee said.

A businessman from New Rajendra Nagar Sanjeev Saxena said: "Its a very good decision. There will be some initial problem." Delhi University student Vashisht Saxena termed it a good step to curb corruption. "We are ready to face some difficulty," he said.

Another businessman from Chandni Chowk said the sudden move has created a ruckus in the market. "There are big queues at ATMs and people are fighting for their turn to withdraw the money," he said.

Taking the nation by surprise, Prime Minister Narendra Modi tonight announced demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.