Hello Everyone,
I am sure everyone is aware of the meaning of the word 'Demonetization'. In short, it means 500 and 1000 Rupee notes will not be valid anymore. Although there are some arrangements done by our Government like exchanging our old notes from any bank, withdrawal from our nearest petrol pump or Big Bazaar by swiping our debit card etc.
It needs a huge courage to make such decisions like this. I personally like this stand of our PM. Some are opposing while most of us are cheering for the decision taken by our PM on 8th November 2016. I seriously, don't know whether the inconvenience faced by many of us will be paid off or not. But I am happy to see that at least we have made an attempt. You never know, it might work also.
Well, I was in Patiala when this news came out. I was there for my convocation and was happy to know about it. I had three notes of 500 with me and the best part was, banks were closed on 9th and 10th of November. I couldn't exchange my old notes. I had to come back to Delhi. I didn't have any idea, how I'll manage all this.
I was lucky enough to get a cab for Delhi where I could pay either by card or old notes. Soon after this news spread, people started searching for alternatives like Paytm, OlaMoney, etc to manage their daily expenses.
To be honest, I didn't have to stand in queues either for exchanging or withdrawal. I am thankful to my sister and friends for this, as they provided enough cash to me. But I can feel the inconvenience faced by others while standing in the queue. Everyone is going through a hard time for cash. But I feel a bit more for working class people for the simple reason that they don't get time for this in their office hours. On weekends, when they get time, the banks remain closed.
Yesterday, I was surprised to see that I can use my Paytm even for a cup of tea which costs Rs. 10/-. I am relying on Paytm and Uber these days. I can see the vision of our PM behind this. The best part of the denomination, which I can see is to diminish the effects of "Fake Currency" which is present in a good amount in our country.
I am happy to see that people are supporting our PM. They are not reacting. There was no news of burning the ATMs or any accidental incident near any bank. At least I didn't hear any such news. I guess most of us is happy with the decision. While on the other hand, some are opposing too. I don't want to comment. They might have a valid reason.