Depositors supporting the swift decision of the Prime Minister expressed that initially common people may have to face a little problem but ultimately it will benefit the nation.
Meanwhile, the people began to queue up at petrol pumps to stock up, using the two denominations, as petrol pumps began to accept them.
This led to confusion, chaos and the pumps going short of Rs 100 notes, leading to tension amidst the commuters.
Scenes of long, chaotic queues of people waiting at ATMs across various cities, stranded customers being sent away by traders declining currency notes of Rs. 500 and Rs 1000, and rows of cars and two-wheelers thronging petrol pumps were visible till midnight.
Ambalica Dey, who is accompanying her septuagenarian father to deposit money in Agartala, said, "I am waiting for the last 30 minutes to deposit 500 rupees notes. The Centre has declared that after midnight 500 and 1000 rupees notes shall not have any value. So, the people have gathered here to deposit those notes. There is 50 days time to deposit but due to the sudden declaration there is confusion and fear among the people if they shall be able to deposit it within those 50 days. Of course, it is a good step. Initially, we may have to face problem but ultimately the Centre must have taken this for something good and against black money."
Adding to that, Jogendra Debbarma, another person in the queue, said: "For the time being, some public will be affected of course but as a whole the general public and country will benefit at large. To stop black-marketing, this is going on for the last few months. This is a good and apt step."
Meantime, Dulal Chakraborty, a former banker, expressed that Prime Minister Modi's step will not only have strong impact on the black money but also help in making a stronger economy by stopping the rolling of fake notes in the market.
Chakraborty said, "I feel the Government of India has taken a very bold step because there are two economies running parallel which cannot be tolerated. One is normal economy and the other is the shadow economy. I have been told that in 1000 rupees notes out of 100, ten are fake and in 500 rupees notes, 76 percent fake notes are rolling in the market. So, these fake notes should be stopped immediately and he (PM Modi) has taken this bold step for
In Uttar Pradesh's Moradabad District, a local standing outside the ATM said that there would be initial inconveniences but I think this is a very good move for the long term.
Prime Minister Modi in a televised address to the nation declared the ban on Rs. 500 and Rs. 1,000 notes from midnight as part of the government's efforts to crackdown on black money.
