Introduction: "The images on television are troubling. Harassed people queuing for hours. An elderly man, obviously quite sick, crying helplessly. The hospital wouldn’t admit him for the required surgery nor would the chemist sell him the drugs he needed because his money had ceased to be legal tender. A lady crying, her husband had just died because no hospital would admit him. The treatment money she had had suddenly become worthless. Frustration is widespread, patience is running thin, and there are worrying reports about incidents of violence, fortunately still isolated. It is a challenging moment for the country. It is a pity that instead of empathizing with the people in the queues, some TV panellists are dismissing their plight or even provocatively asserting that all complainants must be black-money wallas or terrorist sympathizers. Let’s step back from emotion and dispassionately consider the consequences of the demonetization shock" writes LiveMint.
My Experience: With the intention of discussing Loan related issues for the SHGs under NRLM at Manipur Rural Bank, Kongba Branch, I visited the bank on Nov 16. Though it is a regional bank, people have started standing in Q since early morning to deposit as well as withdrawing money.
Thinking that I am having an appointment with the bank manager, I straight away enter in between the lines (male-female lines).
Without bothering what the by-standers were shouting, I move ahead but, after crossing few people, one guy pull me with my bag, he shouted at me saying "We have been standing here since early morning, you came just now and try to enter straight away, who are you". He was supported by all the nearby people.
It was a little scary at that moment, I told them that, I have an appointment with the bank manager, he is waiting for me. How he replied was so funny - "Whatever it may be, stand in line". Since there was no other option to proceed, I call up the Manager keeping my mobile with speaker on, only then i can enter. Else, I might have been beaten red and blue!
Just an inch away from receiving a fist blow and public lynch.
Surprise Announcement: The demonetisation of ₹500 and ₹1000 banknotes was a step taken by the Government of India on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of legal tender in India from 9 November 2016.
The announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address to the nation at 20:15 Indian Standard Time (IST) the same day. In the announcement, Modi declared circulation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as invalid and announced the issuance of new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.
The banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the Mahatma Gandhi Series continued to remain as legal tender and were unaffected by the policy. The demonetisation was done in an effort to stop counterfeiting of the current banknotes allegedly used for funding terrorism, as well as a crack down on black money in the country. The move is also aimed at reducing corruption, drug menace and smuggling (wiki).
The Aftermath: The scarcity of cash due to demonetisation led to chaos, and most people holding old banknotes, faced difficulties to exchange them as endless lines outside banks and ATMs across India, became a daily routine for millions of people waiting to deposit or exchange the ₹500 and ₹1000 banknotes since 9 November. ATMs were running out of cash after a few hours of being functional, and around half the ATMs in the country were non-functional. Sporadic violence was reported in New Delhi, people attacked bank premises, and ration shops were looted in Madhya Pradesh. Several people have died standing in queues to exchange their old banknotes. There have also been deaths attributed to lack of medical help due to refusal of old banknotes by hospitals. The death toll was 25, as of 15 November.
Its Impact in Manipur: Colliding with the indefinite economic blockade by the United Naga Council in Naga areas, Manipur is one of the most effected state by the Modi's deminitization. Petrol pumps are out of stock, wholesale markets are out of stocks, banks are out of stocks, ATMs are closed. Petrol price soars up to Rs 250-300 per litre in grey market. Prices of commodities increases to two folds. Money markets where Rs 800 with Rs 1000 booms right under the nose of the law enforcing agencies in the state. Serpentine queues are the daily routine in every banks moving problems to worst. Newspapers cease to circulate since they are running out of money since they did not get news fee from the customers due to shortage of chain. Students stormed the offices of national political parties due to shortage of petrol which forces some schools to shut down and school vans and buses stop to ferry students.
THEREFORE, THE WORSE EFFECTED ARE THE COMMON PEOPLE, NOT THE HAVE ONES!
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