GUWAHATI, Nov 9 - Despite the initial panic, the government�s decision to demonetise the Rs 1,000 and Rs 500 notes as part of the effort to tackle the menace of black money, fake currency and corruption, seems to have received a �thumbs-up� from the man on the street. The Assam Tribune today spoke with a cross-section of the city�s residents on the issue to know their views.
Many opined that while it would no doubt cause irritants in the short run, they seemed willing to put up with the �temporary� inconveniences. But many also felt that RBI should have increased supply of smaller denomination notes to banks and ATMs in the last few days to lessen the inconvenience.
Business activity at major markets across the city today was much lower as compared to any regular day. Many traders at markets like Ganeshguri also refused to accept the Rs 500 and Rs 1,000 notes.
Dr Manigreeva Krishnatreya of Dr B Barooah Cancer Institute said Tuesday�s announcement was needed to weed out black money and fake notes.
�Initially we will all face some problems. Not everybody goes to malls to make big purchases by credit or debit cards. People will have difficulty in making small purchases and small transactions. But this is worth the sacrifice,� he said. He said the decision would hit the black money holders hard.
�Taking the ill-gotten cash out of the system will also help curb inflation. While in the short run, it will lead to some problems for common people like me, we all stand to benefit in the long term,� said Dr Krishnatreya.
Geetanagar resident Abhijit Bhattacharjee termed it �an extremely good initiative�. �However, the Indian economy is still a cash economy. Middle-class families like my own generally keep some amount of cash for emergency. My father has some and my wife also has some. It will be no doubt a hassle for a senior citizen like my father to wait and queue up in the bank or post office for hours to have the money deposited or converted into new notes or smaller denomination notes. Then there is the issue of daily wage earners, shopkeepers and others who deal in cash every day. For their benefit, the government could have provided a window of a few days to exchange the notes.�
Nabin Nagar resident and civic activist Dwip Baruah said the decision to withdraw the notes would hit black money and funding of terrorism by �100 per cent.� �Of course, common people will face some problems for a couple of days. But in the long run, it will benefit us all,� said Baruah, who had queued up at ATMs on the RG Baruah Road last evening to get Rs 100 notes but without success.
�I believe the government and the RBI should have increased supply of Rs 100 and other smaller denomination notes to banks and ATMs over the past week. This would have eased the situation a lot. Now, the queues to convert the notes will be longer and not everybody can afford to wait in line all day long. Besides, restrictions on the amount of withdrawal per day will also cause inconvenience once banks and ATMs reopen,� he said.
Sagarika Bezbaruah, a homemaker who resides at New Guwahati, termed the decision of the government �a kind of surgical strike on black money.�
�Many local shopkeepers in our locality provide us items. My husband went for servicing of his car this morning and the agency said they are willing to accept Rs 500 notes from customers,� she said.
Anita Devi, who does domestic work at private residences in the New Guwahati locality, said she and her family have arranged to buy items of necessity on credit for a few days. �There will be minor irritants. But everybody understands that it is for a bigger cause,� she said.
Pranab Bayan, a grocery store owner at Sarumataria, said he is still accepting old Rs 500 and Rs 1,000 notes from customers. �I cannot refuse my regular customers,� he said, adding that in case supply of new or lower denomination notes is not smooth once banks and ATMs reopen, then business for small traders like him can suffer.
All Guwahati Traders Association general secretary Prantosh Roy said yesterday evening many traders across the city had stopped accepting Rs 500 and Rs 1,000 notes. �Today we spoke with the banks and we have been assured that there would be no problem in depositing such notes,� he said. He added that business in the city is likely to be hit for 5-7 days, �but then it will rebound in a big way.�
But he disagreed with the idea that RBI should have pumped in more Rs 100 and other notes of smaller denomination into the economy before Tuesday�s announcement. �One whiff of such circulation of smaller denomination notes and all old notes would have vanished overnight,� he said.
GUWAHATI, Nov 9 - Despite the initial panic, the government�s decision to demonetise the Rs 1,000 and Rs 500 notes as part of the effort to tackle the menace of black money, fake currency and corruption, seems to have received a �thumbs-up� from the man on the street. The Assam Tribune today spoke with a cross-section of the city�s residents on the issue to know their views.
Many opined that while it would no doubt cause irritants in the short run, they seemed willing to put up with the �temporary� inconveniences. But many also felt that RBI should have increased supply of smaller denomination notes to banks and ATMs in the last few days to lessen the inconvenience.
Business activity at major markets across the city today was much lower as compared to any regular day. Many traders at markets like Ganeshguri also refused to accept the Rs 500 and Rs 1,000 notes.
Dr Manigreeva Krishnatreya of Dr B Barooah Cancer Institute said Tuesday�s announcement was needed to weed out black money and fake notes.
�Initially we will all face some problems. Not everybody goes to malls to make big purchases by credit or debit cards. People will have difficulty in making small purchases and small transactions. But this is worth the sacrifice,� he said. He said the decision would hit the black money holders hard.
�Taking the ill-gotten cash out of the system will also help curb inflation. While in the short run, it will lead to some problems for common people like me, we all stand to benefit in the long term,� said Dr Krishnatreya.
Geetanagar resident Abhijit Bhattacharjee termed it �an extremely good initiative�. �However, the Indian economy is still a cash economy. Middle-class families like my own generally keep some amount of cash for emergency. My father has some and my wife also has some. It will be no doubt a hassle for a senior citizen like my father to wait and queue up in the bank or post office for hours to have the money deposited or converted into new notes or smaller denomination notes. Then there is the issue of daily wage earners, shopkeepers and others who deal in cash every day. For their benefit, the government could have provided a window of a few days to exchange the notes.�
Nabin Nagar resident and civic activist Dwip Baruah said the decision to withdraw the notes would hit black money and funding of terrorism by �100 per cent.� �Of course, common people will face some problems for a couple of days. But in the long run, it will benefit us all,� said Baruah, who had queued up at ATMs on the RG Baruah Road last evening to get Rs 100 notes but without success.
�I believe the government and the RBI should have increased supply of Rs 100 and other smaller denomination notes to banks and ATMs over the past week. This would have eased the situation a lot. Now, the queues to convert the notes will be longer and not everybody can afford to wait in line all day long. Besides, restrictions on the amount of withdrawal per day will also cause inconvenience once banks and ATMs reopen,� he said.
Sagarika Bezbaruah, a homemaker who resides at New Guwahati, termed the decision of the government �a kind of surgical strike on black money.�
�Many local shopkeepers in our locality provide us items. My husband went for servicing of his car this morning and the agency said they are willing to accept Rs 500 notes from customers,� she said.
Anita Devi, who does domestic work at private residences in the New Guwahati locality, said she and her family have arranged to buy items of necessity on credit for a few days. �There will be minor irritants. But everybody understands that it is for a bigger cause,� she said.
Pranab Bayan, a grocery store owner at Sarumataria, said he is still accepting old Rs 500 and Rs 1,000 notes from customers. �I cannot refuse my regular customers,� he said, adding that in case supply of new or lower denomination notes is not smooth once banks and ATMs reopen, then business for small traders like him can suffer.
All Guwahati Traders Association general secretary Prantosh Roy said yesterday evening many traders across the city had stopped accepting Rs 500 and Rs 1,000 notes. �Today we spoke with the banks and we have been assured that there would be no problem in depositing such notes,� he said. He added that business in the city is likely to be hit for 5-7 days, �but then it will rebound in a big way.�
But he disagreed with the idea that RBI should have pumped in more Rs 100 and other notes of smaller denomination into the economy before Tuesday�s announcement. �One whiff of such circulation of smaller denomination notes and all old notes would have vanished overnight,� he said.
