While some advocates say the scrapping of the banknotes will bring more money into the banking system and raise tax revenues, many are furious at having to queue for hours outside banks to exchange or deposit their old money.
Many labourers, who used to get their salaries in cash, have also been unpaid and produce has rotted in markets as cash stopped changing hands. Not enough replacement notes were printed in preparation for the upheaval, and it could take months for things to return to normal.
PM Modi has staked his reputation and popularity on the move.
“I have done all the research and, if it fails, then I am to blame,” Prime Minister Modi told a cabinet meeting on November 8, shortly before the move was announced, according to three ministers who attended.
(Sourced from agencies, feature image courtesy:oneindia.com)
