Finance

Is There An End To Currency Demonetization Fuss ?

Honourable Prime Minister of India Mr. Narendar Modi, on 8th November, announced that the present Rs.500 and Rs.1000 notes will no more serve as legal tender. Instead new currency notes of Rs.500 and Rs.2000 will now come into existence. This one news brought in mixed reactions from the people across the country. While most welcomed the decision, some remain unconvinced.

atm-line

A number of measures have been introduced for the common man to exchange their old currencies for the new one. A a number of Government held institutions like Railway Stations, Hospitals and Petrol Pumps had been advised to accept the old note till the 11th of November so that people don’t face any inconvenience. Though this came as a relief, the crowd is still distressed.

note

More than 10 days have passed and the queue outside the banks is not shrinking anyway. With a large number of ATM’s down due to shortage of valid cash and withdrawing or exchanging cash from bank is a task in itself, the suffering is here to stay. People are unable to fulfill basic needs. Buying bread and butter using your debit or credit card feels annoying.

bank-crowd

However, our government is trying hard to bring peace to this disturbed nation. Latest updates for this currency demonetisation are as follows –

  • Exchange amount per individual reduced to Rs.2000,only once till December 30
  • Cash dispensing at state run petrol pumps subject to limit of Rs.2000
  • PAN will now also be mandatory in respect of cash deposits aggregating to Rs.2,50,000 or more during the period 09th Nov to 30th Dec
  • Rs.2.5 lakh can be withdrawn for wedding from one account
  • Farmers can withdraw upto Rs.25,000 per week against crop loan

rs-2000-note-759
Introducing Petrol pump cash dispensing and other small schemes will surely heal the wound and it will be a great to see our country coming out of currency demonetisation problem.

Around all this melodrama going in the country we can still find a spark of happiness-

A unique passbook queue in Shivpuri, MP
A unique passbook queue in Shivpuri, MP

 

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Political tantrums of the opposition

 

And not to forget – Sonam Gupta bewafa hai.
And not to forget – Sonam Gupta bewafa hai.
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