The decision to curb Black Money through scrapping of Rs 500 and Rs 1,000 currency notes has become a huge problem for the common man. Transactions happening all over the country will fall drastically on Wednesday due to the new move by Government of India.
Retail Shops and Businessmen have stopped accepting notes with higher denominations since last night. 'No Cash' boards appeared in the ATMs across the country.
Illiterates and Daily Labourers will be affected by the ban on Rs 500 and Rs 1,000. Most of them mayn't have bank accounts and won't even have awareness on how to exchange the notes in banks or post offices. Middlemen might exploit them in such situations.
On the other hand, Additional Tax has been levied on the usage of debit and credit cards for transactions since last night. People were appealing Banks to prevent this from happening.
Although he is aware of such issues, Modi has taken the tough call in the larger interest of the Nation. The situation will get better with each passing day.
Retail Shops and Businessmen have stopped accepting notes with higher denominations since last night. 'No Cash' boards appeared in the ATMs across the country.
Illiterates and Daily Labourers will be affected by the ban on Rs 500 and Rs 1,000. Most of them mayn't have bank accounts and won't even have awareness on how to exchange the notes in banks or post offices. Middlemen might exploit them in such situations.
On the other hand, Additional Tax has been levied on the usage of debit and credit cards for transactions since last night. People were appealing Banks to prevent this from happening.
Although he is aware of such issues, Modi has taken the tough call in the larger interest of the Nation. The situation will get better with each passing day.