The demonetisation of 500 and 100 bank notes was a step taken by the government of India on 8 November 2016, ceasing the usage of 500 and 1000 banknotes of the Mahatma Gandhi Series as a form of legal tender in India from 9 November 2016. The announcement was made by the Prime Minister of India ,Narendra Modi, in an unscheduled live televised address to the nation at 8:15 pm Indian Standard Time [IST]. The basic idea behind the demonetisation of these notes was to bring up all the black money hiding in our country and that will indirectly reduce the corruption rate.
Even though this step is taken to improve India’s economic status, a lot of people have shown a negative reaction towards the whole demonetisation process. The scarcity of cash due to demonetisation has led to chaos and most people holding old banknotes faced difficulties to exchange them as endless lines outside banks and ATM’S became daily routine for millions of people. The Bhartiya Janata Party along with the Prime Minister of the nation were criticized and blamed for creating such a hush and rush situation.
The government has provided the currency exchange time till the end of this year but due to lack of proper information, people have been flocking to their banks and ATM’S. A long queue outside the bank is a common view in Visakhapatnam these days. The State Bank of India on the Jail road is always crowded till the neck, and the queues continue long on the roads. While most of the ATM’S are not in working condition, online transaction and currency exchange are the only two options left with the Indian civilians. The number of people gathered outside the banks is enormous and bank officials are no more able to handle the crowd and their rage. Nearly 55 deaths have been linked to the demonetisation process which clearly shows the impact on the local people due to currency change.
The government of India have allotted special permission for households with marriages and other medical conditions to withdraw large amount. Inconvenience is caused to everybody when it comes to old notes and bank transactions but at the end of the day, the demonetisation process will help the India’s economy to grow and prosper.
A lot of local people and higher authorities have started helping people in all the bank transaction and the currency exchange. Local grocery stores and food trucks including the local snack bandis have started accepting Paytm money for the convenience of people. The ‘Big Bazaar’ has been helping people by distributing new currency on swiping their debit cards. They’re handing out Rs 2000 per person per day on a debit card swipe, just like the ATMs. The ‘CMR’ shopping mall is accepting old currency notes, on the availability of a valid identity proof, to help people shop this wedding season so that civilians do not have to worry regarding old currency and wait in long queues to transact in banks. Local coffee shops are also accepting old currency notes given that no change is given back to the customers.
When so many people are taking the demonetisation process in a positive way, we should too. It is the duty of every Indian resident to help the government get rid of corruption and black money for the brighter future of India.