Demonetisation woes: Why Rs 2000 notes make you feel cashlessblack money crackdown Updated: Dec 02, 2016 12:13 IST
People stand in queue to withdraw money from a bank in Delhi on December 1, 2016. (AP Photo)
Banks continue to struggle to meet the demand for cash given the delay in printing the new Rs 500 series, while Rs 2000 notes has fewer takers with no change to transact with.
The government’s shock announcement to demonetise 1,000 and 500 rupee banknotes caught the country off guard last month as the high value notes make up 86% of the Indian currency in circulation in value.
Public’s patience has been wearing thin since November 9 as they’ve been forced to wait in long lines to withdraw from banks, ATMs and post offices. December 1 was chaotic as people lined up once again at banks on payday.
We explain why Rs 2000 notes don’t make you feel secure in the times of cash crunch:
Over the month since demonetisation was implemented, data also shows a sharp drop in consumer purchases in November, with mobile phones, FMCG, home appliances, real estate, and cars bearing the brunt.
First Published: Dec 02, 2016 10:46 IST