Long time since i made a post. This time am sharing some observations on the Nov 8 Demonetisation by PM Narendra Modi.
On Nov 8 PM made an announcement late in the evening that Rs.500 and Rs.1000 notes will become void from midnight to curb black money. I was unaware till the next morning assuming it to be a hoax as i got it as a WhatsApp message and i failed to watch the news after this announcement that day.
First of all I thought PM would have watched the movie Pichaikaaran for taking this move. Now for the past 20+ days I have been observing a tremendous crowd in both banks and ATM's. The panic created due to this is enormous.
I agree to the PM's decision that it could improve the economy long run and it will be a hardship for all people in India for next 50 days. People are ready to bear the burden on their shoulders for 2 months. The post announcement did not have a proper implementation in my opinion.
Cashless economy is fine with people who hold a bank account. Out of the many areas of implementation failure my points are here.
1. Government should have been ready with new Rs.500 note along with new Rs.2000 note
2. There is no need to cancel Rs.1000 note and newly designed Rs.1000 could have been brought in.
3. Private hospitals for emergency major ailments alone should be allowed to take currencies along with some proofs.
4. ATM's should have stopped dispensing 500/1000 notes from Nov 1.
5. Banks should be made available for 2 months on all Saturdays and for first month on all Sunday's too.
6. ATM's should have been calibrated well to adapt to new currency earlier in the month.
7. No new accounts should be allowed to open for first one month to minimise bankers overload.
8. Central Government should have organized special camps from Nov 8 for a week on what impact it will create and made the people not panic.
9. Insufficient Rs.100 denominations is another cause.
Some of the above may be valid and this has lead to long queues in ATM's and Banks. For metros there are atleast more number of banks and ATM's . In case of a village where there are fewer banks and ATM's situation will still be worser.
Day-to-Day activity of the common man has been disrupted. After all this I still strongly believe the move is for the good for the society. Now people are already facing trouble it is the duty of the government and law makers to make law common for Capitalist and layman so that the pain borne by the common man for the past 20 odd days and the days coming in future will not be a colossal waste. Hope good will happen.👍👍👍
On Nov 8 PM made an announcement late in the evening that Rs.500 and Rs.1000 notes will become void from midnight to curb black money. I was unaware till the next morning assuming it to be a hoax as i got it as a WhatsApp message and i failed to watch the news after this announcement that day.
First of all I thought PM would have watched the movie Pichaikaaran for taking this move. Now for the past 20+ days I have been observing a tremendous crowd in both banks and ATM's. The panic created due to this is enormous.
I agree to the PM's decision that it could improve the economy long run and it will be a hardship for all people in India for next 50 days. People are ready to bear the burden on their shoulders for 2 months. The post announcement did not have a proper implementation in my opinion.
Cashless economy is fine with people who hold a bank account. Out of the many areas of implementation failure my points are here.
1. Government should have been ready with new Rs.500 note along with new Rs.2000 note
2. There is no need to cancel Rs.1000 note and newly designed Rs.1000 could have been brought in.
3. Private hospitals for emergency major ailments alone should be allowed to take currencies along with some proofs.
4. ATM's should have stopped dispensing 500/1000 notes from Nov 1.
5. Banks should be made available for 2 months on all Saturdays and for first month on all Sunday's too.
6. ATM's should have been calibrated well to adapt to new currency earlier in the month.
7. No new accounts should be allowed to open for first one month to minimise bankers overload.
8. Central Government should have organized special camps from Nov 8 for a week on what impact it will create and made the people not panic.
9. Insufficient Rs.100 denominations is another cause.
Some of the above may be valid and this has lead to long queues in ATM's and Banks. For metros there are atleast more number of banks and ATM's . In case of a village where there are fewer banks and ATM's situation will still be worser.
Day-to-Day activity of the common man has been disrupted. After all this I still strongly believe the move is for the good for the society. Now people are already facing trouble it is the duty of the government and law makers to make law common for Capitalist and layman so that the pain borne by the common man for the past 20 odd days and the days coming in future will not be a colossal waste. Hope good will happen.👍👍👍
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