Many of you might have praised Indian Prime Minister Narendra Modi after the historic announcement of demonitising Rs 500 and Rs 1,000 currency notes. Yes, it might curb corruption and the flow of black money in the country, but that seems like a distant dream as majority of the people are currently struggling to meet their day-to-day expenses due to the decision.
Since Modi's announcement on the same at 8 pm on November 8, people have been thronging ATMs to get Rs 100 notes, which have become the most valued amount in a short span of time. Even after the distribution of the newly printed Rs 2,000 notes began, the rush at ATMs and banks seem never ending, with people complaining about the inconvenience they have been experiencing.
How the ban on Rs 500 and Rs 1,000 has affected the common people
In a video that has been doing the rounds on social media, an old woman is seen crying as she is unable to exchange the money she has. The woman is seen expressing her worries to a man as she thinks that her savings will now be wasted.
"This old woman is talking about the widow's pension. She is worried that the money she has cannot be used and she doesn't know how to change it from the bank. The man tries to explain to her that she can change it from a bank rs 4000. Poor soul. She says she has around Rs 8000 to Rs 1,000 she is an illiterate and doesn't know to do it and also doesn't have an account to deposit it. She says her son has an account but if she gives it tom him,he will take all the money," wrote Kamayani Bali Mahabal, who shared the video on social media.
When asked to comment on the current situation, a vegetable vendor in Ernakulam, Kerala, told International Business Times India: "I sell tomatoes and onions, the business has been very dull for the past two days. People are not ready to buy things as they do not have enough change. Whereas, some are coming with Rs 500 notes, what will I do with them? I tried to exchange the money I have with me at State Bank, but it took me more than 4 hours to reach the cash counter. Now, how will I bear the loss since the vegetables have rotten? Will the government pay for my loss? The banning of currencies have affected common people like us."
"My daughter is getting married this week. Even though I had saved some money for the same, I am clueless now on how to organise the function. The caterers as well as the stage decorators whom we had arranged earlier are saying they cannot accept the banned notes anymore. I tried to exchange the money at banks, but the maximum I could exchange was Rs 2,000. So you think that will be enough for the marriage?," Anil Kumar from Bengaluru asked.
"It might be a big step from the central government, but it has caused a lot of inconvenience for me. My wallet now has Rs 500, Rs 1,000 and Rs 2000 rupee notes. Out of this, Rs 500 and Rs 1,000 have been demonitised, and shop keepers are not accepting Rs 2,000 as they do not have smaller denomination money to return. Essentially, I am now between the devil and deep blue sea. Is Modiji hearing and seeing all the troubles he has caused in the life of common people? I think he is enjoying his trip in Japan," Adithya Reddy, a student from Telangana told IBTimes India.
"Its a bit out of this world, there are long lines at banks as if we are in Zimbabwe. The government has not done the exercise in a better way because there is panic amongst people," added Maureen Manjoro, a commerce student from Zimbabwe.