People are going through a harrowing time just hours after PM Narendra Modi announced the ban his government has imposed on Rs 500 notes and Rs 1,000 notes in an effort to combat terrorist funding, corruption and black money. Expectations are that the move will cause pain in the economy in the short term, but as far as the long term picture is concerned, it will lead to a win-win situation.
However, that is cold comfort for those people who are going shopping to buy their daily food and even worse, those who are desperately looking to replenish their medicines. These people are being rebuffed by shopkeepers who are already refusing to honour the Rs 500 and Rs 1,000 notes.
The situation for the sick and those with very small children is quite difficult. Also, since yesterday, almost as soon as PM Modi had stopped speaking during his address to the nation, people rushed to petrol pumps and ATMs and caused themselves and others undue stress. Many were even seen lining up in long queues in front of jewellery stores in a desperate hurry to get rid of their high denomination notes.
— ANI (@ANI_news) November 9, 2016
With these scenes being seen all across the country, Union Petroleum Minister Dharmendra Pradhan held a press conference to calm everyone down and explain that there was no need to panic over the situation. Pradhan said, “Every petrol pump will accept notes of Rs 1000 & Rs 500 till 11 November. I appeal all to kindly coordinate.”
He emphasised that people should calm down and added, “There should be no panic and chaos situations should be avoided, We should all work together to make it a success.”
— ANI UP (@ANINewsUP) November 9, 2016
PM Modi has given enough time and various options to the public to easily exchange their Rs 500 and Rs 1,000 currency notes at banks and post offices.
RBI has provided an SOS number where people can call in case they face any difficulties: 022-22602201 022-22602944 starting tomorrow.