Common Man Experiences - Discontinuation of Rs 500 and Rs 1000 notes

Prime Minister Modi has struck a real blow to black money by declaring the discontinuation of Rs 500 and Rs 1000 notes. The real challenge now lies in smooth turn over to new notes without impacting the day-to-day life and livelihood of crores of indian citizens.

Here are some experiences of common men/women in india:

  • General Mood - general mood is very positive and everybody is appreciative of bold step. Though people are expecting long lines in bank and ATMs in the coming days and months..

  • Rs 2000 Notes and return of black money - People are wondering aloud about return of black money after 1-2 years and what can be done to stop that. One common idea is to not issue Rs 2000 notes as higher denomination notes are more conducive for black money transactions.

  • Petrol Pump in Bangalore - Old notes denied on Nov 9 - had to urgently fill Rs 200 petrol in my two wheeler at HP Petrol Pump at old airport road Bangalore (Nov 9 morning), but the lady there refuses to accept Rs 500 notes (even though govt has especially mentioned about Petrol pumps accepting old notes for another 72 hours). Had to refill for only Rs 50 as that's all I had in pocket other than Rs 500 notes.

Category: finance