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Inconveniences caused after demonetization of currency

New Delhi: Supreme Court of India has ordered Central Govt. to submit an action plan to address the inconvenience caused to public on account of demonetization of Rs. 500 and Rs. 1,000 currency notes which worked out to 86% of money in circulation.

Top ten developments could be seen after demonetization of currency

  1. Last week Mr. Modi declared that Rs. 500 and Rs. 1000 currency notes will not be accepted as legal tenders from the midnight of 9th November and requested the people to deposit old notes at banks before 30th December 2016. He justified his action saying that this step has been taken to end corruption, black money and fake notes.
  2. RBI issued new notes of the denominations of Rs. 500 and Rs. 2000 replacing these old notes.
  3. Even after a week, there are large queues of people for changing and depositing old notes. ATMs exhausted money within few hours.
  4. So far, more than 45 billion dollars are said to have been deposited in banks.
  5. Although, the move is said to be a major reform to eradicate corruption and put an end to black money and fake notes, it has caused a lot of inconvenience to public and whole market has become upset.
  6. Govt. issued orders yesterday to put inedible ink marks on the fingers of the customers who exchanged old notes.
  7. It is claimed by officials that this move would prevent “unscrupulous persons” from sending the same persons for getting their old notes exchanged.
  8. Supreme Court refused to pass any orders to stop this move as requested by petitioners that this has caused inconvenience to the poor people.
  9. The Supreme Court said, “We will not interfere as these are economic policies of the government. However, look into ways to mitigate the sufferings of the common man”.
  10. However, the court ordered the government to address the difficulties of the people.