Consider some of these observations after the demonetisation scheme was announced.
First, as when one visited holy family hospital in Bandra, one could see several patients facing a conundrum. The patient was in distress but the hospital insisted that payment be made by plastic and not the Rs 500 and 1000 notes. The people here were from middle class but never used cards and had cash.
Third, one saw vegetable and fruit dealers were sitting without wares because they could neither buy nor sell. The former because the mandis insisted on non-demonetised notes. The latter because they could not tender change even in case they had some goods.
Four, business for small shops slumped even as they gave goods on credit. Doctors had a serious problem on taking fees in non-cash as they could not be paid Rs 1,000 as fees, which is at specialists charge. Some asked for cheques and took the risk of them bouncing.
These are real instances in Mumbai after conversations with some of them.
The government announced that banks would close on 9 November and ATMs would generally function from 11 November while some could open on 10 November. The picture here was predictable. Banks had long queues and had different interpretation of the rules.
