Millennium Post

Cash-strapped market cries for new Rs 500 notes

Troubles for people have mounted as none of the ATMs and banks in the national Capital are providing the new notes in the denomination of Rs 500. And until this gap between the notes of Rs 2,000 and Rs 100 is balanced, people will continue facing more difficulty.

On November 8, Prime Minister Narendra Modi had made an announcement around 8 pm, scrapping currency notes of Rs 500 and Rs 1,000 denomination, from midnight to check the fake currency menace across the country and black money.

Maximum people have welcomed this initiative, but the lack of planning and implementation have left the general public in the lurch. Those visiting banks either to exchange old notes or to withdraw cash are being mainly given a Rs 2,000 note.

During initial days, people accepted the Rs 2,000 note, but now that they have realised  the worthlessness of the note because of shortage of change, the craze for it has dipped. 

Most of the people have deposited cash of denomination Rs 500 and Rs 1,000 in their accounts and now they are cashless. To fulfill their basic needs, they have already spent Rs 100 and other change. As a result, they are now cashless.

Till late Sunday, most of the ATMs ran out of cash. The banks have also stopped giving notes in the denomination of Rs 100.

Most of the shopkeepers are not accepting old notes, which is adversely affecting their business. Small shops and vegetable/ fruit vendors are the worst-hit. Initially, they accepted the scrapped notes, but now they are themselves running out of change, so they do not have any option but to say a 'No' to customers. 

However, some of them are accepting old notes only if the customer is ready buy items worth Rs 500 or Rs 1,000.
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