New Delhi, Sep 11: The sudden announcement by Prime Minister Modi that Rs 500 and Rs 1,000 notes will not remain legal tender from the midnight of November 9 will heavily impact the Indian economy in long-run.
However, considering the large expenses, it might bring a trouble particularly as marriage season is on the air. With marriage season in a queue, expenses are more during this festive season.
“Corruption and black money had come to be considered a truth of life. They have been eating away like termites at our national interest. This can no longer be permitted,” PM Modi added.
However, the wise words of PM would not soothe the ears of Mr.Mehta whose daughter’s wedding is scheduled on 12th of November.
“How many payments would I make through check? Can a bandwala settle for plastic money? How could government be so insensitive to common man’s needs. This is a bizzare. I am not ready to take this shock” …
He further says there are so many expenses, all aligned one after another. From catering to decoration, to sweet boxes and sagan for wedding guests, to my daughter’s and groom’s personal expenses I need funds for all. I do not have Rs 100 notes to fund all these. I am feeling as if I am cheated in my home, he added.
The pain and anguish are similar for all who have expenses aligned up for this week.
Read More: What to do after Rs 500, Rs 1000 ban?
As per the new decision, one cannot withdraw more than 10,000 from ATM in a day and Rs 20,000 per week. In a short term, this system is going to cause issues for all. Small traders will suffer equally. Particularly those who do not access the online payment systems and banking.
This will further create a mental pressure to many. Among the worst hit the poorest of the poor, some of whom does not even have enough change for a meal. However as the bank opens on Nov 10, many people would line up to withdraw the money.
Meanwhile, the three Cs – Chaos, credit and commission continues in the capital.