Life out of gear, some reportedly making quick buck through exchange

Ahmedabad/Vadodara/Surat/Rajkot: Though most of the people have welcomed the decision of Prime Minister Narendra Modi to ban the current Rs 500 and 1000 denomination notes as a bold step towards cleansing and strengthening of India economy, the sudden decision has also thrown life out of gear in many cities of Gujarat, his home state today.

Owing to closure of banks and ATMs many local markets are also closed in Ahmedabad and other cities of the state due to shortage of enough acceptable currency.

After the late evening rush on ATMs and Petrol Pumps yesterday soon after the PM’s announcement , today many Petrol Pumps are though accepting Rs 1000 and 500 notes as mandated yet with a rider to use it in the full.

Despite clarification from competent authorities on various mediums about the ban and the way to exchange the notes and the places where these can be used till a certain date, people are still looking frenzied to get some lower denomination notes in exchange of the 500 and 1000 notes.

Some people were also reprotedly making full use of this opportunity to make some quick bucks. In Ahmedabad and other cities, some people reportedly exchanged such notes with a lower value of Rs 100 and Rs 50 notes.

One such person said that he was a salaried employee and can take some amount of old 500 and 1000 notes to get these exchanged through his bank account.
‘I am lucky to have some spare Rs 100 notes. I gave some of these to my neighbour as a good will gesture loan. Through him the word spread and some other people approached me and without even asking offered me some ‘commission’ on the exchange. Some of them were rich people, so I accepted it and have made some money,’ he said.

Another such person said that many people are desperate about day to day expenses. They are ready to take as low as Rs 450 for a Rs 500 and Rs 950 for a Rs 1000 note, he claimed.

Notably, police had to intervene at many places last night after incidents of scuffle at ATMs and Petrol Pumps and Jewelry shops. Police forcefully closed some of the jewelry shops in the city past mid-night which were accepting the old notes.

DeshGujarat