The Reserve Bank f India on Thursday released a statement reassuring the public that there was a sufficient supply of notes consequent production which had started nearly two months ago. The RBI requested the public to not panic in this situation or hoard currency notes. Earlier this month, the Indian public went into a frenzy following Prime Minister Narendra Modi’s announcement of scrapping Rs 500 and Rs 1000 notes overnight on November 8.
Following the opening of banks and ATMs two days later, long queues were witnessed outside banks and ATMs to deposit, exchange and withdraw money. The situation has been so that people have been reported dead due to the long queues and the demonetisation scheme. While the move has been applauded widely for being a bold step to curb down the flow of black money, it has also been criticised severely for the lack of a proper plan for the distribution of the new currency and extremely poor execution.
The citizens remain in a constant state of argument over the effectiveness of the move and its effect on common people. Prime Minister Narendra Modi himself has urged the people to be patient and bear with the inconveniences for 59 days for a better future. Although, the poor execution of the distribution of the new currency seems to have created a situation of panic. This is the second time in a matter of 10 days that the RBI has come up with such a statement in an attempt to reduce the panic amongst people.