- Long queues. Essentially exchanging currency at the bank is as good as writing off at least half of the day.
- Banks refusing those who are not customers. Several banks at several times have refused people who had come to exchange notes citing a shortage of notes and necessity of serving their customers.
- Unrealistic limits. The limit of exchanging four thousand rupees is unrealistic for them. It translates to 8 sales. Earlier they could use different identification papers to get around that, but with the new inking rule, it is a one shot deal. This is more likely to be the reason for reduced queues for exchange than the absurd theories of “agents”. Sure, there would be agents, but there is just so much profit in standing in a queue all day and earning a few hundred rupees. Any serious laundering business would have access to politicians and banks to do large transfers to make any realistic profits that are more than an income comparable to labour. Several of them said they spent the first half of the day at the bank exchanging notes and did business in the evening, accepting old notes in order to sell vegetables – they refused to say this on camera. Regardless, the new rule about inking puts paid to this strategy as well and they are essentially without any business at all. And the limit of two thousand rupees makes living itself a cruel joke.
Founder at Aam Janata
Vidyut has a keen interest in mass psychology and using it as a lens to understand contemporary politics, social inequality and other dynamics of power within the country. She is also into Linux and internet applications and servers and has sees technology as an important area India lacks security in.
Latest posts by Vidyut (see all)
- Nationwide Protest by NREGA workers #NREGASangharshMorcha - March 2, 2019
- Repression of Activists cannot stop the second Kisan Long March - February 16, 2019
- Violence at Aligarh Muslim University and the role of Republic TV - February 12, 2019