Currency ban: '50 days is a long time for economy to regain strength'

NOIDA: With the introduction of new Rs 2,000 currency in India there has been a mixed wave of reactions from people. While some are seen taking selfies with the new note, others are simply staring at it and wondering "what do we buy with it?"

PM Narendra Modi had announced the introduction of new Rs 500 and Rs 2,000 notes, but so far only 2,000 rupee note has made it into the market and with this influx it has brought forth a new problem.

The acceptance of the new note has not been as smooth as the government might have hoped. Traders refuse to accept the new currency and the old currency has been devalued.

Eliyas Khan, a trader at Sector 18 Noida, shared his grievance, "I tried to get my new Rs 2,000 rupee note exchanged, but the shopkeeper turned me away. My bill was approximately Rs 438 but not only did he not accept my new note but also refused to tender change for the old Rs 500. I had to buy something 'extra' to get my bill as close as possible to Rs 500 so that I could get my money's worth."

This situation is not uncommon as the second highest denominator in the Indian currency, as of now, is the 100 rupee note thus making it all the more dearer to both the consumers and the traders alike.

Ankit Bhalla owns a grocery store at Sector 9, Noida and he too feels the pinch when he has to provide change every time he has a customer making a purchase. "Providing change for the Rs 2,000 note is very difficult. It can be managed once or twice in the entire day but then I run the risk of running out of change cash myself."

While the common man supports PM's endeavour to fight black money, their financial and economic woes are likely to continue for a little while longer.

A senior official with the

Karnataka Bank

in Noida told this correspondent once the new Rs 500 is introduced, the troubles may ease up. "Since the most counterfeited note was the old Rs 500 note, it was of utmost importance to keep it off the market till the new notes were infused. This move has ensured that either the forged notes have been destroyed or were deposited in banks and eventually off the market, thus effectively ending the menace - albeit for a little while."

Speaking about the rosy picture that is being presented by the ruling government on demonetisation, he added that, "The inconvenience is real and regrettable. But 50 days is a long time for people to get used to the new currency and it won't be before long that the economy will regain its strength."

Srishti Gupta, a student, has been trying to withdraw money from the ATM, for the third day in a row and has been unsuccessful in all her attempts. "I have been reduced to a hand-to-mouth living condition. I am unable to even pay my rent. E wallet has been a life saver and I could at least recharge my phone."

Kamlesh Mehta, a retired teacher and pensioner, is unperturbed by the whole scenario. Mehta recently withdrew Rs 4, 000 from his bank, he got two 2,000 rupee notes. He worries that this note is not market-friendly. "I don't know what to do with it. I can't even buy grocery with this as the vendor refuses to give me change in return."

The new currency hits the markets on Thursday.


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