The Indian government says the old bank notes can temporarily be used for essential services such as medical assistance.

The notes can be exchanged for new ones or deposited in a bank account until December 30th but long lines and a lack of cash has hampered that process.

Indian Prime Minister Narendra Modi on Monday urged Indians to give him more time to resolve the cash crunch that followed the withdrawal of high-value banknotes from circulation.

"I feel and understand the pain which every common and honest man is suffering. I will stay up late and do everything in my power to lessen your pain and will continue to do so." Said Indian Prime Minister Narendra Modi.

Indians rely heavily on cash for their daily transactions. Those living in rural areas or who do not have bank accounts have been particularly hard hit. There have been huge lines outside banks and ATMs since last Thursday to withdraw money or exchange the withdrawn 500 and 1,000 rupee notes. Tourists are also facing difficulties in the country.

"Being in Delhi we found that we were not able to get any money. The hotel had had all its cash taken away and so as a result they could not even give us small denominations, small amount of currency, which is difficult when you are a tourist walking around and you need public conveniences and you want to give tips for porters and things like this. We couldn't do any of that. So the situation without any Indian money at all was very difficult." said Adrian Burrows, tourist From United Kingdom.

Banks remained open over the weekend to try to ease the crunch, but were closed on Monday due to a public holiday with many ATMs running out of cash. The government has said it will take time for the machines to be recalibrated to accept the new notes, adding to the general frustration.