While returning back to Bangalore from Coorg last evening, got this message in one of the groups which surprisingly was not muted, that “Currency Notes of 500 and 1000” were banned effective midnight. Like all forward mesages, I usually assume them to be fake unless verified. On verifying after a brief search on the Big G found out it was indeed true. Of course the “Notes will have NGC technology” was a hoax. See, never beliieve forward messages.
Thankfully I had no notes of 500 or 1000 in my wallet and was relieved that I wouldn’t have to make a trip to the bank for the exchange. All across the city, ATM lines appeared to be like the lines in Railway station.
Like many other salaried employees there wasn’t anything to worry for me. And with the orgasmic response on my Timeline made sure people were indeed delighted.
I’m not an economics expert and hence my views are limited to my own income/spending habits. It is a bold step towards a cahless economy. However, sceptically looking at troubling issues that can engulf the entire non-banking population (which is huge) just cannot be ignored.
Anyways, as Ravish said, The real test of this move will be when upcoming elections in UP happen. If the number of helicopters get replaced by cycle and the huge number of promotional campaign events come down, then this definitely has worked. And if it doesn’t… well.. Let’s see it then.
Till then, #PaytmKaro
[P.S Paytm didn’t pay me to write this :P]