About 90% of the people in the country have welcomes Prime Minister Narendra Modi's announcement scrapping Rs 500 and Rs 1000 all of a sudden. The Rich & Super Rich weren't complaining as they have been used to online transactions. One thing that's troubling the poor and middle class is the inadequate measures taken by the centre to address the inconvenience.
Long queues at the banks and post offices have become a routine now. While people have to spend hours to exchange Rs 4000, Those who deposited cash in their accounts had no clue when they could draw the new currency.
Annoyed with the ATMs which haven't been dispensing the cash, Many People commented this situation wouldn't have raised had if Modi scrapped the old notes after printing abundant new currency. Even if the ATMs work, They could withdraw just Rs 2,000 per day.
This economic emergency has created a panic situation everywhere. Suicides have been reported at different parts of the country. Rations Shops and Godowns have been looted by people for refusing to accept Rs 500 and Rs 1000 notes.
On Saturday, Narendra Modi warned Tax Evaders to fare dire consequences even after December 30th. He told nobody found having unaccounted money would be spared at any cost and pledges to deploy as much man power required for the mission. He, however, didn't reveal immediate steps to address the panic situation.
Experts question how could PM Modi go for Japan tour soon after demonetization instead of closely monitoring the situation in the country. Stating that violent incidents were a result of people losing patience, They advise Union Government and RBI to address the Nation to assure them that there is no need to panic at all. Hopefully, GOI takes few more measures to improve the situation before its too late.
Long queues at the banks and post offices have become a routine now. While people have to spend hours to exchange Rs 4000, Those who deposited cash in their accounts had no clue when they could draw the new currency.
Annoyed with the ATMs which haven't been dispensing the cash, Many People commented this situation wouldn't have raised had if Modi scrapped the old notes after printing abundant new currency. Even if the ATMs work, They could withdraw just Rs 2,000 per day.
This economic emergency has created a panic situation everywhere. Suicides have been reported at different parts of the country. Rations Shops and Godowns have been looted by people for refusing to accept Rs 500 and Rs 1000 notes.
On Saturday, Narendra Modi warned Tax Evaders to fare dire consequences even after December 30th. He told nobody found having unaccounted money would be spared at any cost and pledges to deploy as much man power required for the mission. He, however, didn't reveal immediate steps to address the panic situation.
Experts question how could PM Modi go for Japan tour soon after demonetization instead of closely monitoring the situation in the country. Stating that violent incidents were a result of people losing patience, They advise Union Government and RBI to address the Nation to assure them that there is no need to panic at all. Hopefully, GOI takes few more measures to improve the situation before its too late.