by Tasavur Mushtaq
KL NEWS NETWORK
SRINAGAR
With Prime Minister Narendra Modi’s Tuesday evening announcement of demonetization of Rs 500 and 1000 currency notes, slump hit the markets across the geographies worrying the masses of managing the affairs till the time new system is in place. Kashmir is no exception to this ‘surprising’ decision conveyed through televised address.
Seen busy with activities in ‘relaxation’ hours, Kashmir market Wednesday witnessed less appetite as customers with Rs 500 and 1000 currency lost purchasing power. Major shops in city centre Lal Chowk were deserted and vendors on roadside preferred to close prior before their usual timing. The only address buzzing with activities were the petrol filling stations and medical shops.
The sudden decision of terming the currency ‘illegal’ may have its effects at broader level, but common man in Kashmir is caught ‘unaware’ of how to go about managing things. The only contended lot were the people having currency denomination less than Rs 500.
“It shocked me when the cashier gave me a bundle of 100 notes in the afternoon against my wishes because he was running short of Rs 500 notes,” an employee said, “In the evening I was just jumping with joy.”
Muhammad Yousuf of Cheeni Chowk Islamabad is a worried man. His daughter, Beenish is going to get married on November 12. With many arrangements yet to be finalised, partly due to strike, Yousuf is caught in a situation where despite having cash in his pocket he has been returned empty handed from the market. “I fail to understand how to manage things when nobody in market accepted currency. I had to get few essentials mandatory for the function,” Yousuf told Kashmir Life over phone.
Down North, Amina is concerned about the marriage of her nephew. Though she is not concerned about managing the function, her worry is how to purchase gift the groom or at least the cash. “My brother passed away last year and for the first time we had happiness in our family and see now what happened,” said Amina.
As banks shut operation for public on Wednesday to consolidate the position for onward submission to Reserve Bank of India, it is not going to be cake walk for the staff to manage the public ‘panic’. With J&K Bank being the leader, the staff at various levels as per sources has been sensitised to cope with the situation. Sources revealed that bank staff is working overtime to put new system in place comfortably. The workforce primarily working in main branches and chests are working to flush out the ‘illegal currency of Rs 500 and 1000.”
“We are ready and well equipped to deal with the situation and help our customers in the transition phase,” a middle rung executive of J&K Bank told Kashmir Life. He further said that bank management has taken the requisite steps and a committee has been constituted to monitor the ‘smooth transition’.
The staff at operational level expect huge footfall of customers on Thursday. Mehak, Banking Associate working with J&K Bank told Kashmir Life that “it will be chaotic situation to deal with the apprehensive customers on the first day.” The only breather for the workforce is the checks and balances put in place by the policy guidelines. “Thank God there is cap on withdrawals and exchange,” Mehak added.
In a lighter vein, Mehak further said that this gave her opportunity to talk to many relatives after long time. “I was busy for whole day taking calls from relatives seeking details of the issue. This way at least I came to know about well being of many people with whom i was not in touch from last many months.
Demonitizing the twin notes of Rs 500 and Rs 1000 as legal tender is being projected as one of Modi’s master-strokes. Apart from hitting the fake currency market, it is expected to impact the corrupt, money-lenders and even political parties. It has severely impacted Kashmir’s real estate sector.
Meanwhile a spokesman of the JK Bank said that following Reserve Bank of India (RBI) directions, J&K Bank Business Units (Branches) and offices will remain open for public transactions this Saturday (November 12) and Sunday (November 13). This step has been taken to meet the anticipated heavy demand from the general public for their banking transactions after the government announced demonetization of Rs 500 and Rs 1000 notes.
Notably, J&K Bank has already geared up all its resources to extend convenient and hassle free services to the general public particularly regarding deposit/exchange of Rs 500 and Rs 1000 currency notes, which stand invalid from November 8.
Chief Minister, Mehbooba Mufti in the meanwhile has welcomed the decision of withdrawal of the twin notes saying the step was needed to check the scourge of black money and corruption in the country.
The Chief Minister described corruption as a vicious menace which eats up the vitals of growth and development of a society and the country. She hailed Prime Minister Narendra Modi for his bold steps to check corruption, illegal transaction of money and other such evils which hamper the development of the country.
The Chief Minister said though the step would entail temporary inconvenience to people but its positive effects would be in the larger and long term interests of the country and people.
