Sudden demonetization: People’s chaos | Fusion - WeRIndia

The sudden announcement of Indian government on the demonetization of two higher denomination currency notes made people empty as they do not have legal tender to spend despite they have money in their hands and banks.

Indian government announced the scrapping of ₹500 and ₹1000 to fight against black money and fake currency on November 8. Immediately after the announcement, citizens from all over the country started troubling to acquire cash for their daily needs.

While most of the people are queuing in front of banks to get cash, they have no clue on what to do with the ‘illegal tender’. Though 50 days of time is given to people to exchange their old notes, many fear that it might not be sufficient for them.

In this regard, they wanted to get rid of the old currency quickly. Indian government excluded some public institutions like petrol pumps, government hospitals, milk booths, burial grounds, bus counters, Indian Railways, airline ticketing at airports, etc. They have to accept the old currency from the people. People can pay their old utility bills with the old currency as well.

However, most of them, especially petrol pumps are not accepting ₹500 stating that they have no change or are making the customer fill for the total value. Many of the two wheeler owners are arguing with the pump owners as to how they can fill the fuel for the total value of ₹500 while most of tanks are fitted for 4 or 5 litres.

Observing the public needs and problems, government waived toll tax till November 18 and airport parking fee till November 21.

Yet, the sudden move affected many small businesses as they do not have swiping machines with them. People who don’t have enough cash in their hands could not buy whatever they want as they do earlier. Experts say that the situation will be set right within two or three weeks. RBI also released new circulars for solving the cash crisis in the country. Normal citizens are bearing troubles and are hoping to see the good days and ‘Clean India’ very soon.

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