As PM Narendra Modi announces banning of Rs 500, Rs 1,000, people line up in petrol pumps, ATMs


Soon after Prime Minister Narendra Modi announced banning of Rs 500 and Rs 1,000 as a step to curb black money in the country on Tuesday evening, long ques were seen outside ATMs and petrol pumps across the country. During his sudden address to the nation, the Prime Minister had also said that all banks will remain closed only tomorrow while some ATMs will be shut for two days. He also said that the measure was taken as most of notes of Rs 500 and Rs 1,000 were found to be fake. However for next 72 hours these notes will be accepted in petrol pumps, hospitals and some stores like Safal. Narendra Modi had also suggested the country men to deposit their Rs 500 and Rs 1,000 to banks from November 10 to December 30.

After his announcement anxious faces could be seen on streets and people chatting among themselves as to what to done with notes as many had withdrawn notes of Rs 500 and Rs 1,000 from ATMs and banks just recently, hoping to use them for different purposes. As some ATM banks are likely to be closed for next two days, people have already lined up near ATM. Most of them however did not express displeasure with Centre’s step as it has been taken to control the flow of black money in the country. People are also seen lining up in petrol pumps in order to refill diesel or petrol to make the use now banned currencies.

Not only people on the streets but several CEOs have also praised the goevrnment’s latest step to curb balck money. According to Manavjeet Singh, CEO & Founder, Rubiqu, this is a promising step which will boost innovation in the nascent electronic payment industry and will also ring down frauds and thefts. Ranjit Punja, CEO &Co-founder, Creditmantri, also hoped that the sweeping step taken by the prime minister have a positive impact in curtailing black money and with the introduction of the Rs. 2,000 note, along with tracking features, currency will be used as intended. However, express his concern Sathvik Vishwanath, CEO and Co-Founder, Unocoin felt that the intensions even though good but very difficult to achieve.