Modi Black Money Demonetisation Gives Headache To China: Read How
From exchanging the demonetized 500 and 1,000 rupees notes to depositing and withdrawing cash, people were seen in long queues outside cash deposit counters and ATMs in Assam’s Guwahati city after Prime Minister Modi’s decision to ban the existing 500 and 1000 rupee notes that took the entire nation by surprise. Understandably, people had to face problems but they lauded the step of the government. “This is a huge success for the government for us and the entire nation. But the government should have given us time so that people would know the use of money during such hard times. I too have cash with me to deposit but let’s see what will happen. It would be miracle for us if something good happens out of it,” said a local from Guwahati.
In the remote north-eastern province of Arunachal Pradesh, ATMs and banks were flooded by people, however, they were of the view that it was a short-term pain for a long-term gain. “Decision is good. For one to two months general people will face great difficulties but that is for time being . I am sure it will reap great benefits for us. It is definitely for the good of the public because these will great difference in the development scenario of the country,” said a local from Arunachal Pradesh. “It is a great initiative undertaken by our PM. Public’s money are all used as black money and not for the welfare of the people but such initiative is helping people to get back their money,” he added.
In Manipur, security was beefed up as people in large numbers rushed to the banks to exchange notes and deposit cash. People were allowed to enter the banks in batches for depositing the amount. Patience wore thin after standing in long queues as depositors especially senior citizens were seen lining up since 6 am on Friday morning. “It is good but for people like us who only keep small amount of money for daily use will be very difficult. Now if we need to buy certain things from shops, shopkeepers are not accepting it as the 500 and 1000 notes are no more legal. The decision by Modi is good but abrupt as for common people it has really become a difficulty,” said a senior citizen Robin from Manipur.
In Nagaland, security was beefed up outside bank branches as people struggling to buy daily items lined up to get Rs 100 currency notes. “My daughter is getting married this month but we are unable to do any kind of preparations. Shopkeepers are not accepting old notes it is creating great difficulties for us. I am sick. It is really creating problem for us. Could not express my problem in front of anybody,” said a local from Nagaland.
In Tripura, people supported Modi’s bold step saying the absence of large-denomination notes will make it harder for people to hoard black money. “For time being some public will be affected of course but as a whole public and country will be benefited. To stop black-marketing this is going on for the last few months. This step is good and perfect,” said a local from Tripura.
The government move is part of its efforts to tackle the triple menace of black money, fake currency and terror financing. It will not only curb the menace of black money, but will also help the government in improving its finances which can be used for public spending.