I saw this news in Facebook, thought it was a joke. But when saw the news channels my reaction was jaw dropping. But I am writing this just after watching pubic reactions in the news. The public are making queues in front of the ATM to deposit 500 and 1,000 rupee notes. And some are withdrawing money from ATM and getting 500 and 1000 denomination notes! They are panicked and also making others panicked. In this situation, I don't want to make discussion whether this move is good or bad or whether it will curb black money or counterfeit money, but I just want to say that PLEASE DON'T PANIC.
There may be lot of scope of criticisms on this move. But right now what is needed is to keep calm and to think rationally what should we do. Tomorrow, the bank will remain closed. The next day, it may assumed that (from the queue today in front of the ATM!!) the banks will be flooded by the crowd. I don't know how the bank will handle this or how the bank will make proper infrastructure within one day. But, instead of getting panicked if we do not make crowd in the bank on the very first day and plan accordingly it will be helpful for both us and for the whole economy. May be we will face a huge problem in coming few days. But there are 50 days remaining to get the notes exchanged. and if the problem becomes havoc, I hope, some steps would be taken by the Govt.
So, if you have lower denomination notes spend it wisely. Keep 500 and 1000 denomination notes to get exchanged from Banks.
