Modi’s Surprise Move on demonetization of Notes, People throng ATMs and Petrol Bunks

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Modi’s surprise move on demonetization of notes, People throng ATMs and Petrol Bunks

Mangaluru: Prime Minister Narendra Modi’s surprise move has sent people thronging to ATMs and Petrol Bunks in the city here on 8 November evening.

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The surprise move by Prime Minister Narendra Modi announcing demonetization of the Rs 1000 and Rs 500 currency notes with effect from November 8 midnight to curb fake currency, black money and corruption have sent people rushing to the ATMs to credit the currency into their account. Others rushed to Petrol Bunks to use the currency before midnight.

Some of the people were seen panicking while others said that they are very happy as Modi has taken a right decision in scrapping the Rs 500 and Rs 1000 currency notes to bring out the black money.

Speaking to, Sandilia, a native of Andra Pradesh said, “Modi has been warning people who have black money since a long time. He is doing a wonderful job. People who are doing business legally will not face any problems due to this move, but those with unaccounted cash will have a tough time. I am with Modi on this and I welcome this good move which favours the majority of the population in the country.”

Dr Jessy who was at the ATM said, “This is a big blow to everyone. Most people use the Rs 500 and Rs 1000 currency notes. Personally, I do not have any problem as I don’t have any black money. I am afraid that tomorrow there may be many incidents of suicide since people having huge amounts of black money will be in shock. Some people who have not declared their assets will have to explain their wealth. To be frank, I think most will come out of the situation, but what will those who have sold their property and kept the unaccounted money with them do?!”

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There were big queues at the petrol pumps. Three youth who had gone to three petrol pumps had to return since the station employees refused to take Rs 500 currency notes. Speaking to, Dinesh, Vivek and Rajesh said that they first went to a petrol pump near Pumpwell to fill the petrol but were refused. Next they went to Highland and Mangalore Nursing home; the employees at both stations refused to accept the Rs 500 currency note. They finally fuelled up their bikes at the Kadri petrol pump.

The government has planned to introduce new notes of Rs 2000 and Rs 500 by November 10. There will be restrictions on withdrawal of cash at the ATMs. One can withdraw only Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 per day and Rs 20,000 for the week.

On November 9, banks and ATMs will remain closed. From November 10 to December 30, people can exchange their currency notes in the bank.

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