Prime Minister Narendra Modi on 8th November addressed the nation with a step to eradicate black money and stop corruption. With one of the historic reforms in the Indian economy, Rs.500 and 1000 currency will no longer be a legal tender and the notes will be scrapped.
While majority of the audience reacted to this decision with an overwhelming support, while few delegates like Arvind kejriwal and Rahul Gandhi came out condemning Prime Minister’s decision. This move has created havoc in the society. But unfortunately, this move has resulted causing adverse effect among the people and many are heard saying this was an “unplanned” move and the implementation of this big move is not according to the expectation.
PM announced that the banks will remain closed on 9th November, as the employees would need time to prepare themselves for the upcoming task in the coming days. He also said banks will function on Saturday and Sunday despite being general holidays.
But the reality turned out to be unfortunate. The inadequate flow of cash in banks and ATM’s has left people angry and impatient. While the banks started functioning on Friday, 10th November it saw thousand of anxious people massed outside banks and ATM’s in large serpentine ques eager to exchange their old denomination currency. While the management failed to control the crowd and shut the door of banks in a span of 2 hours and the ATM’s displaying a printed notice saying “Out of Order” or “No cash” people were left with no option, despite having money their pockets continued to remain empty.
In the last 3 days the country is witnessing a cash riot after the ATM’s went dry and Banks ran out of money, despite The Reserve Bank of India said it has enough currency in stock to met the needs of people in abundant.
The sudden demonetisation of currency has brought out the worst in people and is causing a short term pain and chaos in people dealing in cash on daily basis. The biggest beneficiaries of the currency ban are the money exchangers who are accepting the Old High Denomination notes of 500 and 1000 and instead giving only 300 and 800 respectively.
Elderly people and the senior citizens are finding it difficult to stand in long ques waiting for their turns to deposit or exchange high denomination notes after demonetisation.
On 10th November people in Delhi NCR lost all its calm and patience after the poor implementation by banks on demonetisation of currency notes. The outrage by the mob of nearly 500 people went on to vandalise many shops and block the Noida-Badarpur road in Southeast Delhi’s Shahin Bagh area.
DTC buses were also damaged and pelted with stones that left 4 police officers injured. Black marketing of essential good like salt and other commodities were hiking. The government should urgently do something about this. Neither people have money to buy essential goods, nor they are easily available.