Following the government's decision and PM Modi's announcement that the currencies in the denominations of Rs 500 and Rs 1,000 will be invalid post 8 November, there is a sudden surge of people visiting shops and markets to confirm the validity of the aforementioned notes.
Many of these people spoke to Firstpost in Delhi and shared their apprehensions regarding their immediate move concerning the currency. While they are concerned about the government's ban, they laud Modi’s decision as a major blow on those who have stacked black money in their homes.
“It is a very smart move by Prime Minister Modi. No one had any clue of this. I feel this is meant to stop the corruption and strike on black money that this step has been taken. Though people might face problems for some days but its longer term implications will be very good. People are no doubt having trouble buying grocery and other things or taking an auto rickshaw but I think this is just a short term problem,” said Anant an IT professional living near Akshardham.
He added, “If you look at the bright side this will be good for us only. I am just amused that people who have hoarded black money will have heart attack tonight."
Prem Kumar, an auto rickshaw driver said, “We poor people are very happy. Why should we be concerned? We earn every day and spend every day. It is politicians and big officer who earn so much 'kala dhan' who need to worry. I think they have to burn that black money as fuel this winter.”
Phalguni, a student who is facing problem since she withdrew some 500 rupee notes only this evening, feels that the long term implications of this decision will be good.
“I would say it is a good move but it will be good for majority of us. Black money is a serious issue this move is major blow to it. It will bring out the black money hidden in quilts and sofas of many people. I think such decisive moves are required to curb corruption”, said Rakesh, an elderly citizen.
While most people laud this move, some express their apprehension and discomfort since the available currency of Rs 500 and Rs 1000 isn't being accepted by shopkeepers.
Kirti, a resident of Mayur Vihar extension said, “I have to buy medicines but the chemist is not accepting the cash I have. Government should have given us time before taking this extreme step."
People are lining up outside ATMs and are seen withdrawing cash in figures like Rs 400 so that they can get 100 rupee notes.
The move to ban Rs 500 and Rs 1,000 notes was announced in a sudden address at 8 pm that was televised across all news channels. The demonetisation of Rs 1,000 and Rs 500 notes is a major assault on black money hoarders, fake currency and corruption.
All notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. Government also announced that new notes of Rs 2,000 and Rs 500 will be introduced.