Consequences of Demonetization
The effect of demonetization and issuing of new currency has already kept the common man on his toes. The latest news which is sparking across the country is that all the Banks closed today after they were open on Saturday and Sunday. May be this could be a respite for bank officials after continuously working for many hours but the chaos at ATM’s has created panic as queues are getting longer hour after hour. Many reports of scuffle and heated exchanges were reported at ATM’s. Even many News TV channels showed the video clips of brawls outside banks and ATM.
No Cash
Those who were hit are traders, restaurant owners, businessmen and transporters felt the brunt as dependence on cash is extremely high. The security personals that are looking after the outside operations of banks are unable to handle the heavy rush which resulted in scuffles and minor tiffs. Banks closed today as they were working extra hours to serve the public needs.
Government issued statutory advice to banks regarding different service options for senior citizens and physically handicapped people so that they don’t have to suffocate in the heavy rush outside premises. Civilians got the balm; when government took steps by increasing the cash withdrawal limit from the ATM’s and bank counters.
Fake Currency hits market
Next big thing that hit the markets were new and fake 500 notes were released in the market which created a tensed environment all around. Prime Minister Narendra Modi announced the demonetization of cash and banned the 500 and 1000 rupee notes.
Withdrawal limit increased
Because the banks closed today, people are flocking the ATM’s in order to get cash for their daily expenditures. Seeing the problems faced by public, government announced the cash withdrawal limit from Rs 4,000 to Rs 4,500. Cash withdrawal limit at ATM’s was hiked to Rs 2,500 from Rs 2,000 a day.