The ban of 500 and 1000 Rupee notes by the Prime Minister of India-Narendra Modi garnered tons of appreciation in the start. But from then it started getting confusing all along the way. From exchanging old 500 and 1000 Rupee notes, to receiving new notes there was plethora of confusion among the locals and common people. While the richer ones decided to ride on debit and credit cards the card banking system too faced abrupt faults due to overload on the lines.
Although banks have been ordered to be open on all working and holidays till December 31st, the issue hasn’t been solved due to lack of 100 Rupee denomination- the currently most wanted by the public. People who visit the banks recently have been given 2000 Rupee notes which led the country to a huge lack of change.
Since this has led to quite a confusion in the city and rising protests to why the ban was declared all of a sudden, the ban on 500 and 1000 Rupee notes have been alighted till November 24 with them being allowed to use in Government hospitals, toll booths and petrol stations. This was initially allowed for two days (November 9,10) afterwards the use of 500 and 1000 Rupee notes were totally stopped.
Analysts have welcomed the move of banning the 500 and 1000 Rupee notes saying that though the per person purchasing capability would fall for a short time, the GDP would increase considering the long term effect.
This ban has garnered both positive and negative welcomes. What happens in the long term is left waiting for time to play its part.