India scrapped its bigger denomination currency notes this week and Watch Take Turns Tasting With College Alumni Onlinebegan issuing two new notes shortly afterwards. The big reform is the government's latest attempt to curb corruption in the nation and curtail terrorism activities that often use unreported stash of cash.
It's a very bold move and truly holds the potential of making big changes in the nation, the results of which could be before us as soon as coming months. But on the flip side, the transition has already impacted lives of hundreds of millions of people in India.
SEE ALSO: Indians sign up for mobile wallets after most cash rendered uselessShortly after Prime Minister Narendra Modi made the announcement on Wednesday evening, people stepped out of their houses and rushed to ATM (instant money machines) to withdraw Rs 100 notes.
Original image has been replaced. Credit: Mashable People across the nation rushed to the ATM. They only had a few hours before Rs 500 and Rs 1,000 notes in their wallet would have no value in the market.
Original image has been replaced. Credit: Mashable Some rushed to gas stations (popularly known as petrol pumps in India). Gas stations would accept the Rs 500 and Rs 1,000 notes for a few more days for topping up tanks. Many saw this as a good opportunity to get rid of the no-longer legal tender bills.
Original image has been replaced. Credit: Mashable This also started to change for some. Though staff at gas stations were more than happy to accept your Rs 500 and Rs 1,000 bills, they kept running out out of smaller denomination notes. You could still get gas (or petrol or diesel) for your vehicle, but you had to buy it against a fixed amount (Rs 1,000 or Rs 500, for instance), as opposed to buying it against a certain volume (15 liters, for instance).
Original image has been replaced. Credit: Mashable In the meanwhile, it began increasingly difficult for people to take care of their daily expenses. Mind you, mobile payment solutions and other digital transactions are minimal in India. Many people -- especially people from whom you'd get your vegetable and milk vendors -- don't even have bank accounts.
Original image has been replaced. Credit: Mashable Nobody was happy, you can say.
Original image has been replaced. Credit: Mashable Indian banks were shut yesterday to prepare for the aftermath of the announcement. They opened today with special counters where anyone can exchange the defunct Rs 500 and Rs 5,000 notes for the newly printed Rs 2,000 bills or the existing smaller Rs 100 bills.
Original image has been replaced. Credit: Mashable The government has given people until the end of the year to walk to a bank and deposit the all the cash they have. That's the point, precisely. You now have to deposit your money to a bank. All the cash will finally be on record. People who have black money -- or undisclosed money -- will have to either declare it with the government and pay taxes on it, or sit on it and watch it become useless.
Unsurprisingly, long queues were seen outside banks across the country, before they even opened for business.
Original image has been replaced. Credit: Mashable You get the drift.
Original image has been replaced. Credit: Mashable This is what a typical private bank looked from the inside.
Original image has been replaced. Credit: Mashable The new notes were finally available. "Definitely warrants a new selfie movement in India," many people thought.
Original image has been replaced. Credit: Mashable Most ATMs, however, remained shut for the second consecutive day. They are set to open tomorrow, after banks replace the Rs 500 and Rs 1,000 bills with either the new currency or smaller Rs 100 bills. However, Indians are still going to struggle to access cash as they can only withdraw Rs 2,000 ($30) per card per day till Nov. 18. Even post that the limit will be increased just to Rs 4,000 ($60).
Previous：Conspiracies, War, and Democrats
Sweet, Sweet Existentialism
Grumpy Cat, viral internet sensation, dies aged 7
Meghan and Harry reveal their newborn son's name
How to watch 'Don't Worry Darling'
Tokens of Appreciation
Harry and Meghan share a new pic of baby Archie for Mother's Day
10 times Grumpy Cat was gloriously grumpy
ARMY Twitter can't help but speculate what 2 BTS members did on their day off
If They Are Not Coming For You Today
Review: Opulus skincare system simplifies retinol
Our Lady of Complicity
Here's why everyone's mad about Kylie Jenner's new walnut scrub
Elon Musk chopped a chunk off Twitter. Other tech giants are already bleeding.
Met Gala 2019: How celebrities did 'Camp' on the pink carpet
Max Boot’s Vietnam
'Quordle' today: See each 'Quordle' answer and hints for November 5
This sex toy company uses niche meme accounts to spread the joys of masturbation
The internet pays tribute to Grumpy Cat
Operation Snowflake
The best TV shows by Latina and Latino creators on Disney+
IRS announces May 13 deadline for direct deposit of stimulus checksSenate gives law enforcement the OK to spy on your internet historyThe internet points out the many, many politicians who've had it worse than Donald TrumpHouseparty's inThere's finally an easy way to see 'Retweets with Comments' on TwitterAll of the 'Unbreakable Kimmy Schmidt: Kimmy vs. The Reverend' endingsRIP Google Play Music: Users told to migrate to YouTube MusicHere's what it would take for Trump to actually get impeachedTikTok faces scrutiny over minors' user data ... againTwitter CEO Jack Dorsey accidentally livestreams meeting on PeriscopeSenate gives law enforcement the OK to spy on your internet historyPorn streamed on a train station video display and commuters definitely noticedMicrosoft rolls out protection against 'reply all' email stormsChihuahua in graduation cap and gown earns bachelor's degree in cutenessElon Musk thanks Trump for supporting Tesla factory reopeningBarbie debuts #ThankYouHeroes program, honoring first respondersEpic 'Why I left BuzzFeed' video is straight out of a Marvel movieSleeping woman being wheeled around campus is truly a bizarre sightThe 10 best 'Avatar: The Last Airbender' episodes to stream on NetflixHeadspace is now free for unemployed Americans Best Presidents' Day mattress sales: Save on mattresses and bedding with these stellar deals Super Bowl 2024 hits record viewership Best robot vacuum deal: The Roomba j7 is 50% off at Amazon — a new all OpenAI terminates accounts of confirmed state Best gift card deals: DoorDash, Instacart, and Uber Eats gift cards on sale Best Solawave deals: Save 35% off on red light therapy tools How to have a successful double or group date Google rolls out phishing and malware detection for Android users Xbox business update: What we know, how to watch Echo Buds deal: Echo Buds 20% off at Amazon Lenovo's transparent laptop concept is something else Nature to greet People's Climate March with record heat Jennifer Lopez's 'This Is Me…Now' is A+ celebrity work Google announces Gemini 1.5, a flashy upgrade to its flagship AI model Uber, Lyft, and DoorDash set Valentine's Day strike: What you need to know All the best signs from Climate Marches around the world Donald Trump's very own staff member handed him fake news. And Trump believed it. Tinder, Bumble, Hinge: It's easy to catfish strangers on dating apps Best luggage deal: Get up to 60% off on spring break luggage at Amazon 200,000 Facebook Marketplace user records were leaked on the dark web
2.4394s , 10180.4296875 kb
Copyright © 2025 Powered by 【Watch Take Turns Tasting With College Alumni Online】,Miracle Information Network