A concerned citizen voiced his grievances against Demonetization to the team of Jan Ki Baat. His message, he claimed, was on behalf of many and for all those facing the same obstacle: the inability of Banks and ATMs to pay the actual-announced amount of money, ?4500 to be exact, has posed a problem for the daily routine of people. The man observed that if the government and authorities have promised a certain amount of money on sowing them proper documents and records, they should be able to fulfil their promise.
The PM of India, Narendra Modi, announced on the 8th of November, his governments decision to demonetize the higher-denomination currency. The old ?500 and ?1000 notes were banned throughout India from morning of 9th November, with the citizens being allowed to either deposit their old notes in banks or get them exchanged, until the new ?500 and ?2000 notes come out. Such a move intended to renew the economic market place and rid the country of the black money it had accumulated till date.
The effects that demonetization has had on the residents of India have been poles apart, with some calling it a good enough cause to unite Indians and cultivate honesty and others seeing it as anti-poor, anti-middle class policy. The diverse reactions to it need to be recorded to understand the variety of effects financial policies have on different social classes and sections.