The nation went into a tizzy on 8 November after Prime Minister Narensra Modi announced the blanket ban on existing denominations of Rs 500 and Rs 1000. Many scrambled to procure new notes and liquid cash, while banks struggled to meet the sky-high demand. Here's a look at top developments since the announcement:
1. Immediately after the shock announcement on 8 November, people rushed to their closest ATMs to withdraw cash before they closed.
2. On 11 November, people stood in long cues to get their hands on the new Rs 500 and Rs 2,000 notes as well as to stock up on Rs 100 notes.
3. Many were shocked to find out that some ATMs were still closed and would only start functioning on the evening of 11 November or later.
4. Daily wage-earners were the most-affected. Apart from confusion, some of these worker expressed dismay at their inability to meet their expenses until the situation had stabilised. Several workers have no bank accounts and get paid in denominations of Rs 500 and Rs 1000. "The daily going rate for a raj mistry is Rs 550 and for a beldar it is Rs 350. We live hand to mouth. Today, when maliks turned up, they said they will pay us in a few days because they do not have enough change," Ram Pyarelal, a beldar, told the Indian Express.
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