Whole new meaning to "getting inked"

Ok so overnight our economy has changed. Suddenly on the night of 8th November, the currency that we had kept safe in our lockers turned to dust. There has been mixed reaction to this announcement - disbelief, joy, frustration, anger, respect, admiration and a lot of chest thumping.. Rightly so, as BJP has done something that Congress did not dare to do during its 10-year preceding reign. 

But the government under-anticipated the inconvenience caused to the common man. In India, there is a huge gap between policy declaration and policy execution. As usual on the delivery front, there is a serious lack of co-ordination and organisation leading to chaos and confusion. The media has been continuously covering the long queues outside banks and ATMs. There isn't enough legal currency to keep the country cash sufficient. The common man being interviewed is all praise for the move but is finding it so difficult to get his cash exchanged or deposited or withdraw. 

But to add to this confusion, for old cash exchange, certain unscrupulous elements were deploying a number of people at various banks to exchange their cash illicitly. In reality, each person can exchange the old notes only once upto Rs. 4500 till 24th November 2016. Such people are queuing up again and again to exchange notes thus clogging up the lines and slowing down the whole process causing great inconvenience to honest citizens. 

When the government realised this, it came up with the idea of inking the citizens who come for exchange of notes. This gives a whole new meaning to getting inked! But instead of cribbing about it, it is in national interest to co-operate with the government and abide by it. This too shall pass and I look forward to a new era of level economy. 

Jai Hind! 

Places Which Will Still Accept Your Old ₹500 And ₹1,000 Notes Till 24th Nov

The chaos at Banks and Postal establishements around the country following the demonetisation policy adopted by Narendra Modi's government has motivated the latter to extend its deadline from 14th November to 24 November for use of the now-extinct currencies at certain places. 

Several unsubstantiated messages on Social Media are doing the rounds that is causing confusion and further adding to the chaos. Do not believe such news unless you get it through offical channels and at the same time kindly refrain from forwarding them as well.

The government and the Reserve Bank of India want people to use the cashless means of making payments and thus avoid repeated trips to bank branches.

As an added measure, RBI announced that the old discontinued ₹500 and ₹1000 bank notes can be used at the following 15 places till 24th November:

1. You can make payments in government hospitals for medical treatment and to pharmacies in government hospitals for buying medicines with doctor's prescription.

2. In case of independent pharmacies too, you can pay in old denominations on production of doctor's prescription and proof of identity.

3. If you are purchasing from consumer cooperative stores operated under authorisation of central or state governments, you can use the old notes. This will require ID proof.

4. At all milk booths operating under authorisation of the central or state governments for buying milk.

5. Make payments towards utility charges including water and electricity. But keep in mind that no advance payments will be allowed.

6. You can pay for petrol and diesel at the pumps operating under the authorisation of public sector oil marketing companies.

 7. You can buy tickets at ticket counters of government or public sector buses and at airline ticketing counters at airports.

 8. For paying for  LPG gas cylinders.

9. Any payment due towards any fees, charges, taxes or penalties, payable to the central or state governments including municipal and local bodies.

10. For payments at crematoria and burial grounds.

11. To pay for the catering services on board, during travel by rail.

12. For making payments for purchasing tickets for travel by suburban and metro rail services.

13. At international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender.

14. For foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed Rs 5,000 to exchange.

15. For making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.

Read RBI's full list of FAQs on currency exchange here. 

(Courtesy: Huffington Post)