Bengaluru: With Prime Minister Narendra Modi’s shock announcement demonetising Rs 500 and Rs 1,000 currency notes from Tuesday midnight, ATMs and cash deposit kiosks across the city witnessed long queues.
Large crowds were seen at petrol stations too as they have been legally allowed to accept these currencies. Customers lined up before ATMs and chose the option for Rs 100 denominations to ensure that they have sufficient cash for the next two days. Many were seen withdrawing Rs 400 at a time to ensure that they got only Rs 100 notes.
Mr K. Nageshwar, a trader, said, “This policy will only affect small time traders like us and not the rich. It is difficult to get Rs 100 and Rs 50 denomination notes in the market in such short notice. Already, Rs 50 has become a rare commodity.”
Mr Janardhan M., a businessman, said Mr Modi's policy will benefit maths and charitable institutions. “As these institutions are not questioned about the source of income, they will become centres to convert black money into white. It will not have any effect on those rich people who have black money as they would have stashed away such funds abroad in foreign currencies,” he pointed out.
