• Short Summary

    The Ceylon Government called in troops on Tuesday (October 27th) to reinforce police and guards at banks in Colombo as thousands of people rushed to cash high value banknotes "demonetised" in Ceylon's budget two days before.

  • Description

    The Ceylon Government called in troops on Tuesday (October 27th) to reinforce police and guards at banks in Colombo as thousands of people rushed to cash high value banknotes "demonetised" in Ceylon's budget two days before.

    Well before the bank doors opened there were long queues outside the locked doors. This was the first day for banks to open following the budget announcement that 50 rupee (GBP 3.6.0. Sterling) and 100 rupee notes would remain legal tenders until November 3rd.

    In his budget, the Ceylonese finance minister, Dr Perara, said he hoped to collect one hundred million rupees (about seven million pounds sterling) from hoarders by withdrawing the large notes from circulation. When their doors opened, the banks were besieged with people converting to smaller denominations.

    The Government invoked the Public Security Act to enable troops to help police give maximum security and banks extended their business hours to cope with the rush.

    Just before the budget announcement, about 80 million rupees worth of new notes - printed in Britain and bearing a portrait of Ceylon's late premier Mr S. Bandaranaike - were flown into Ceylon in great secrecy.

  • Tags

  • Data

    Film ID:
    VLVA6TFSXUMBTE0J24BRUML9NJV9E
    Media URN:
    VLVA6TFSXUMBTE0J24BRUML9NJV9E
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    29/10/1970
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:20:00
    Time in/Out:
    /
    Canister:
    N/A

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