Mixed effects of demonetisation in the state of Rajasthan

Speed News Desk | First published: 18 November 2016, 18:32 IST
Currency ban impact on polls

The government's ban on high-value currency notes in an attempt to curb black money and counterfeit currency circulation in the country had a mixed effect on the people of Rajasthan. Here's the effect of demonetisation on the people of Rajasthan, some good and bad:


While demonetisation has been giving the rich here sleepless nights, those who are not poor yet have been registered in the BPL list have not been spared. Many Barmer residents have registered themselves in the BPL list to take advantage of government schemes meant for the poor. This is despite owning two-storied houses and other facilities. But now, if these individuals now deposit more than Rs 50,000 their status as BPL would be questioned.


In a single day, Rs 3.5 crore in fake notes reach banks

Soon after the demonetisation announcement, fake currency found its way to banks. In the district of Sikar, fake notes worth Rs 3.5 crore have been deposited in banks. In many cases banks are returning these notes and in other cases the banks are getting the notes torn. Those with fake notes flock to the bank in such large groups that it takes 5 to 7 minutes for a single transaction. Consequently, the bank employee exchanges the notes merely by looking at the number of notes and the ID.