ICICI Managing Director and CEO Chanda Kochhar on Thursday spoke about the demonetisation and said that the situation with outside banks and ATMs was getting better with shorter queues. She further said that cash was also being made available to people at ‘money exchangers’ at airports. Earlier today, Kochhar was present at the Parliament during the argument over the demonetisation of Rs 500 and Rs 100 notes and the inconvenience the overnight ban had caused to common people.
Earlier in a bold move to curb the stem of black money, Prime Minister Narendra Modi, November 8 had announced that Rs 500 and Rs 1000 would be scrapped from midnight. while the decision has ben termed as brave, it has also been severely criticised for its poor planning and execution. Long queues have been seen since the banks and ATMs opened on November 11. Many people have complained that the supply of the new Rs 500 and Rs 2000 notes haven’t been adequate according to the demand.
While the Prime Minister himself has assured the public time and again that it was only a matter of 50 days and-and urged them to take the inconvenience for a few days for a better future with little or no black money. Although, the overnight announcement has been opposed severely by the entire of the opposition in the parliament and some economists have also called the step, “burning the house to catch a rat”.