There are many leaders, Bollywood celebrities and sportsperson who have hailed PM Narendra Modi's bold move of demonetization. The queues outside banks and ATMs in the city and its suburbs continued to form for the ninth day since the government announced its demonetization move, as people struggling to get cash expressed unhappiness over the reduced limit of exchange.
THE DECISION
The government's surprise decision to scrap high-value currency has led to cash chaos in the country, with snaking queues outside banks and ATMs even after 10 days of the decision. The high-value notes accounted for 86% of the currency in circulation. Opposition parties, including the Congress, have accused the Center of imposing economic emergency. The two sides have clashed in Parliament as well, with the opposition demanding that Prime Minister Narendra Modi, who announced demonetization decision on November 8, be present in the House to answer their queries.
PAYTM'S SURGICAL STRIKEThere is a silver lining to every dark cloud and the ones making good of the chaos are plenty. Mobile payment and e-commerce biggie Paytm is raking in millions in less than a day of the PM's masterstroke against corruption. It registered a 1,000 percent growth in money added to e-wallets. Interestingly, much like a government ad, Paytm advertised its cash-free service on social media and even the Hindustan Times.
An interesting post in Twitter
Conditions in India after #Rs500andRs1000 's ban. pic.twitter.com/5mCgiAmg8L— aman (@Firki_) November 8, 2016
