Demonetization effects : Controversies and Problems
When Prime Minister of India Modi, addressed the nation on 8th of November 2016 , and declared demonetization of currency, whole nation was shocked. News triggered panic among the people, they reacted in different ways.
Suggestions and Ideas started flowing via phone calls, and social media channels.Immediate effects and actions included buying gold, petrol , grocery and even clothes.
Heavy rush outside petrol pumps :
People were seen in long ques outside almost all petrol pumps. People found one of the good place to get rid of higher denomination notes. When asked by the news correspondent about the Modi government decision, some people said they don’t know anything , some said they have no idea about the results, and few were aware of the good results of the decision.
Most of the people were of the view that they must have been given some time. Overall people felt its good to get rid of black money but they must have been given some time.
Heavy rush outside ATM Machines :
When panic spread, people got another idea of depositing their money vide ATM machines. Again people were seen standing outside ATM machines till midnight, after that all machines were out of service.
Although there was no problem to those having white money, and they were given time to deposit till end of December but people don’t want to take any chance at all. When they realise that 100 denomination notes are still valid, there was rush for 100 rupees notes. Very soon all the ATM machines were dry and nothing was coming out of them.
Heavy rush at railway stations and bus stands :
At bus and railway stations, people got stuck, because they were not issued tickets against 500 and 1000 notes. People found new way of getting change and converting black money, by booking tickets using cash and then cancelling them to get valid currency. After number of transaction, specially the cancelled tickets crossed the limits, only then government came to know about this loophole.
Government issued new instruction as per which, they banned refunds of tickets, but by then many have already got new currency or money in their bank accounts via railways.
Common man suffered twice , first when they were not issued tickets against old currency as their were no clear instructions to railways, secondly when government itself banned refund directly effecting genuine travelers.
Viral allegations of BJP leaders knowing about it in Advance :
Sanjeev Kamboj, head of legal cell of BJP Punjab, tweeted on 5th of November new 2000 currency notes, now question is when new currency was sent in market on 10th, how come he had this currency in advance.
BJP leaders instead of giving reasonable answer challenged Delhi CM Kejriwal for debate. He said someone in his group sent him photos and he simply shared them, nothing else.
But opposition parties specially AAP didn’t want to loose this opportunity, they started sharing screen shot of Kamboj’s twitter updated. Arvind kejriwal called upon a press conference and openly alleged BJP of informing or warning their cadets about the currency change well in advance.
News of currency change was also published in main stream news papers many months ago but was mostly ignored. One news paper in UP published news of currency demonetization last month only. To some extent it seems like government did it for its party benefit because there were allegations that opposition parties in UP where elections are due like other parties had accumulated currency. Now by changing currency all parties suffered badly except BJP whose leader were informed well in advance.
Social media full of Jokes and new Songs :
Social media started flooding with jokes and songs after the news. Creative minds were busy creating funny stuff for Facebook and specially whatsapp. Here are few of the funny videos, that made hard decision to digest laughingly.
Fake 2000 currency Notes in market :
Every green theory of economics worked again, “Demand and supply”, when there is shortage of supply , there is increase in demand. Now when people are looking for getting as many new currency notes, and fake currency printing within the country itself is on. As most of us have not seen new 2000 currency note, but we are looking for it badly, so if someone arrange few notes for us, most of us will be least bothered about it being fake, simply can’t think that way. In Punjab Tarn Tarn Police have arrested 2 of the gang printing fake 2000 notes.
Some cases of shopkeepers being handed over fake currency notes were reported from various place in different parts of the country. One of the such cases was reported from Tarn Tarn, watch video.
Note: We are updating this article on daily basis
LATEST UPDATE ON CURRENCY DEMONETIZATION
Co-operative banks are not accepting notes of 500 and 1000 click for more details
15/11/2016 : Modi’s mother visited bank in Gujarat for currency exchange. click for more details