Demonetization:Private individuals charge for change of Rs 500,1000 denominations

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Srinagar: Days after Prime Minister Narendra Modi announced the scrapping of Rs 500 and Rs 1000 denomination notes, some persons in Srinagar have started charging people for giving change of Rs 500 and Rs 1000.

Common people across Kashmir are facing tough time to gather change and buy daily needed commodities and other essentials with shopkeepers and traders refusing to entertain the high denomination notes.

“I had to buy some essential commodities from the market. Nobody is ready to accept the Rs 500. Luckily, there was a person at shop who said he could help me by proving change,” Owais Ahmad of Dalgate told KNS.

He added that he was surprised as he was asked he had to pay charges for change.

Similarly, some person in Shaher-e-Khaas is also providing denomination of Rs 100s to public, charging Rs 10 to Rs 20 from them.

“On banks, there is lot of rush of people. Even, some bank branches are denying having change. Most of the bank branches are also closed due to shutdown call. It is messy affair all over,” said Imtiyaz Ahmad, who had denominations of Rs 500 but no change to buy vegetables for home.

He told KNS that people prefer to pay charges for change to some individual who offers it. “No one would like to put himself in more trouble now. You need to purchase. But you have notes which are street vendors and shopkeepers refuse to accept. You must have other denominations,” he added.

However, people said that at certain places fruit and vegetable sellers and some road side vendors were accepting the scrapped currency.

Majority of the people in Kashmir were virtually left with no money even to go about their daily routine. Many were even caught unaware of the finer details of the new rules as they approached anyone and everyone to seek instructions on what to do next.

Pertinently, in a major step to check black money, Prime Minister, Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes with effect from Nov 09 midnight, making these notes invalid.

In his televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. (KNS)

 

 

 

 

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