Chaos ensues after ‘surgical strike’ on black money

Sidharth Bhardwaj
Panaji: Goans were rattled on Tuesday night by Prime Minister Narendra Modi’s announcement of the scrapping of 500 and 1,000 notes. Most banks shut down their ATMs, and many shops ran out of 10, 50 and 100 notes.
Long queues were witnessed at some ATMs with people depositing as well as withdrawing cash before the midnight deadline.
Many felt that the government should have given a longer deadline.
“This is a political gimmick being used by the government to divert attention from its failed promises. The real culprits won’t be affected but the common man who has to buy his ration tomorrow is standing in queues,” Ravi, a resident of Panaji, said as he waited his turn at the ATM. Similar concerns were raised by others who said that the sudden announcement and short deadline will be a problem as banks and ATMs will remain closed on Wednesday.
“The announcement is too soon to the midnight deadline. The government should have given us some time to prepare. There will be major problems on Wednesday,” Aniket, a resident of Panaji, said.
In the midst of the panic, many people welcomed the move saying it a strong move to curb the menace of black money. “I feel there will be some problems initially but in the long run, the move will reap dividends as unaccounted money saved in the denomination of 500 and 1,000 will become useless,” a bank employee said.
Traders also felt that the heat will be on people who have unaccounted cash but said that the timing is bad and the confusion is creating more problems.
“Though people have been given time until December 30 to deposit old notes in banks, Goans who are generally sussegad, may find this a troublesome exercise. The move is ill-timed, coming as it does in times of recession. I wonder, what will politicians who possess large amounts of black money do now?” said Margao-based businessman Vaikunt Fondekar.
Some queued at fuel stations in Vasco town to rid themselves of their 500 and 1,000 notes, saying every note counts. There wide speculation that fuel stations would stop operations as banks would not be operational on Wednesday and stations may not be able to restock fuel.
Shops and pharmacies across the state were accepting 500 as well 1,000 notes, without any issues, despite the government announcement.