March 28, 2024

Rs 500, Rs1000 notes no longer legal tender

3rd Jan’2017,

2016 will be the memorable year as it has changed the life of people in different . ways. On 8th November 2016 , Minister of India Narendra Modi declared that use of all Rs500 and Rs1000 would be invalid after midnight of that day and new Rs500 and Rs2000 notes will be given in exchange for the old notes. But in the following days of Demonetisation, banks and ATMs across the country faced severe cash shortage. People seeking to exchange their notes had to stand in lengthy queues and several deaths were linked to the inconvenience caused due to the rush to exchange cash.

I myself had to deal with demonetisation; I was having a piggybank in which I used to collect money from many years which were all Rs500 and Rs1000 old notes. I had to deposit the money in my bank account so that in exchange I can get Rs2000 new note. But because of the long lines at bank I was unable to deposit it . As I was having college and by the time I reach home bank get closed. Even if I go early morning and stand in line for deposit I was unable to deposit it, as it was too long. Even when I finally deposited money in bank I was unable to withdraw the money as ATMs were facing cash shortage.

But even after all this problems faced by me and many other people, still we think it’s a very good step taken by Narendra  Modi for the betterment of the country. This all problems are not going to last for long time. Any change will have its pros and cons. We should deal with it positively as its going to benefit the country.

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