The nation seems to have hit by an earthquake. Every people seem to run the marathon race. A long queue is seen in front of the ATMs, the petrol pump seems to be a flower shop where people have flocked it like a honey bee; all these are the after effects of the earthquake that hit the nation at 8.15 pm on Tuesday. Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

To combat the chaos that has been created after the announcement, the government has given out certain ways by which the situation can be resolved. People who are holding these notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card. People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017. The ATMs will not function till November 9, and in some places till November 10. There are, however, some exemptions. Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight. Banks will be closed on November 9. Cash withdrawal limit is Rs 10,000 daily and Rs 20,000 weekly. A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.

It is a bold move. Counterfeit currencies are being used for financing terrorism. Our security measures have not been breached,. This is a powerful measure to combat terrorism. Govt. has taken many measures in last two years. This will go a long way. Fake currencies corrode economy, says Economic Affairs Secretary Shaktikanta Das. We are launching new currency notes with new designs from November 10. Introducing 200 rupee note with Mangalyan logo, says Shaktikanta Das. Control rooms formed in RBI in Mumbai – 022 22602201, 22602944 will be operable from Wednesday morning 8 am.

There is more from the government saying that initially, there could be inconvenience. The supply of new notes will be increased. First aspect to be considered is inflation. RBI will monitor and regulate the printing and circulation of Rs. 2000 notes. Post offices, banks to open additional counters and extend working hours to accommodate the public. There is no restriction of depositing your legal Rs. 500, Rs. 1000 notes for exchange. Any amount, as long as it is legal, can be exchanged.

“We will work round the clock to ensure that customers have a smooth experience” says SBI chairman Arundhati Bhattacharya. “We will strive to restock ATMs at the earliest and make them operational” says SBI chairman Arundhati Bhattacharya.

The social media is flourished with varied public opinions and status updates like

“The only chaiwala on planet earth who can wake a billion people up without chai – NM”

“Who will have bet of Rs.1000 with me on the result of US Election?”

The debate is still on whether the movement is good or bad!

The answer is yet to come in the coming days…

Tags: 1000rs note500rs noteBlack MoneyIndian EconomyNarendra Modinote ban in india