500/1000 Note Demonetization: Gaps/Negative Impact
Below are the negative impacts and gaps in implementation identified by you in regards to the 500 and 100 note Demonetisation scheme. Kindly review and share any additional specific inputs you may have. The same will be disseminated by tomorrow to broader media community and key stakeholders in Government leading this process.
We look forward to your inputs!
500 and 1000 Demonetisation – Negative Impact
1. Smaller denomination notes (10, 20, 50, 100) have become short in the market
2. Banks are giving Rs. 2000 notes which are not getting accepted by the vendors as they don’t have change
3. Most of the ATMs have not started working yet causing discomfort for people
4. Long lines can be seen outside banks as people are flocking to exchange the currency
5. Banks are not well prepared to handle the rush causing agony for customers
6. People are struggling to find smaller denomination notes to buy basic household items like fruits and vegetables
7. Businesses is also badly suffering since small shopkeepers are not allowed to accept old currency and are having to refuse giving the goods to the customer
8. Tourists entering our country are completely stuck and do not know what to do with the old notes that they have
9. In some areas, essential items are being sold in the markets at a premium by accepting 500/1000 notes
Gaps in Implementation
1. Enough currency in small denominations was not made available before rolling out the scheme
2. The banks should have been prepared a little better to handle the situation
3. The introduction of 2000 note was announced and easily over the last month, ATMs could have been upgraded to dispense the same while maintaining secrecy
4. Banks are still not maximizing resource deployment towards withdrawals, exchanges and deposits as they should
5. The amount of money that can be exchanged could have been a little higher by publishing enough 2000 notes
6. All government run establishments should have been asked to accept the old notes
7. The NRIS who wish to change the old currency notes have not been properly guided
8. Essentials services like private pharmacy, hospitals should have been instructed to accept 500/1000 notes. more
We look forward to your inputs!
500 and 1000 Demonetisation – Negative Impact
1. Smaller denomination notes (10, 20, 50, 100) have become short in the market
2. Banks are giving Rs. 2000 notes which are not getting accepted by the vendors as they don’t have change
3. Most of the ATMs have not started working yet causing discomfort for people
4. Long lines can be seen outside banks as people are flocking to exchange the currency
5. Banks are not well prepared to handle the rush causing agony for customers
6. People are struggling to find smaller denomination notes to buy basic household items like fruits and vegetables
7. Businesses is also badly suffering since small shopkeepers are not allowed to accept old currency and are having to refuse giving the goods to the customer
8. Tourists entering our country are completely stuck and do not know what to do with the old notes that they have
9. In some areas, essential items are being sold in the markets at a premium by accepting 500/1000 notes
Gaps in Implementation
1. Enough currency in small denominations was not made available before rolling out the scheme
2. The banks should have been prepared a little better to handle the situation
3. The introduction of 2000 note was announced and easily over the last month, ATMs could have been upgraded to dispense the same while maintaining secrecy
4. Banks are still not maximizing resource deployment towards withdrawals, exchanges and deposits as they should
5. The amount of money that can be exchanged could have been a little higher by publishing enough 2000 notes
6. All government run establishments should have been asked to accept the old notes
7. The NRIS who wish to change the old currency notes have not been properly guided
8. Essentials services like private pharmacy, hospitals should have been instructed to accept 500/1000 notes. more
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The movement of changing the currency of Rs.1000 & Rs. 500 is good but instead of printing Rs.2000/- notes, there should be sufficient Rs. 100/- and 50/ rupee note. more
Nov 26
One of the expected results with this move is to reduce the transactions in hard currency and increase other modes of payments. Unfortunately many vendors are charging 1.5 to 2% extra if payments are made by debit/credit cards. This is highly discouraging and is the main reason for the public to prefer hard currency. Almost all shops in Chandigarh are taking this additional charge as Banks charge the vendors for using this facility. These charges should be completely waived so that public will be encouraged to switch over to other modes of payment more
Nov 25
One of the expected results with this move is to reduce the transactions in hard currency and increase other modes of payments. Unfortunately many vendors are charging 1.5 to 2% extra if payments are made by debit/credit cards. This is highly discouraging and is the main reason for the public to prefer hard currency. Almost all shops in Chandigarh are taking this additional charge as Banks charge the vendors for using this facility. These charges should be completely waived so that public will be encouraged to switch over to other modes of payment more
Nov 25
The decision of demonitisation will improve the Indian economy. The exhorbitant prices of commodities will finally come to a normal level. Few people had lots of black money to corrupt the officials, estate agents, artificially increase prices of luxury commodities etc. Those who are honest & do not wish to pay bribes will benefit. The Kashmiri riots coming to a stand-still denotes that the people there were paid to do the riots. Against all this, some stress & crunch due to money shortage probably for 3 months will be bearable. To improve the situation the government must make it compulsory for banks to keep all of their ATMs open or completely remove them from that place & take away the ATM booth area from the bank if their ATMs are not working. Secondly, mobile ATMs can be started especially in Mumbai. It has been a success in another state. more
Nov 25
