Across Kerala, like elsewhere in the country, the impact of the demonetisation of Rs. 500 and Rs.1,000 currency notes on the daily lives of people has been frustrating, annoying, and confusing, depending on which good or service they sought.
At the Central railway station in the capital, there were many who arrived with Rs.1,000 notes to purchase platform tickets for Rs.5.
“It came as an iruttadi (bolt from the blue) for me as I need to make a series of small and medium purchases for the wedding of my sister’s daughter next week,” a harried man, who cursed himself for withdrawing Rs.4 lakh in cash, all in 500s and 1000s, from a bank three days ago, told The Hindu in Kozhikode on Wednesday.
Many rebuffed by shops
“I came to know about the demonetisation only this morning as I had missed the TV news last night.” He still made it to S.M. Street here with a bundle of Rs.500 notes hoping to make some purchases, but was rebuffed by the shops.
Welcoming the demonetisation step taken by the Centre, former UN financial expert and corporate finance consultant T.S. Anantharaman said in Thrissur that the move would help to check the flow of hawala money.
Beneficial in the long run
“Most of the NRIs, especially in the lower strata of society, depend on hawala transactions. They mainly use the currency notes of denominations 500 and 100 for their transactions. Though the move will cause some issues in the initial stage, it will benefit in the long run,” he said.
But, in the interim, confusion reigns. “There are customers who have withdrawn large sums for marriage functions scheduled for November 10, 11, and 12. They have contacted us for guidelines, but we are clueless,” said Padmakumar, a bank employee and leader of the Bank Employees’ Federation of India in Alappuzha.
In for turmoil
“There is no intimation yet as to when we would get the new currency notes,” he said, hinting at the disorder awaiting the bank branches. “Trading is virtually at a standstill,” says Sabil Raj, Alappuzha district general secretary of the Kerala Vyapari Vyavasayi Ekopana Samithy.
“The decision will cause some inconvenience for the farmers for a short but critical harvesting period, it is a welcome move,” says Prasanth Rajesh, Wayanad Coffee Growers’ Association president.
Shaji Mullookkaran, an engineer engaged in providing support service for power inverters installed at banking institutions across Palakkad district, said it was his affinity for plastic money that helped him adhere to schedules on Wednesday.
“It was a big relief on Tuesday night when a leading grocery shop in Palakkad with credit card facility sent its customers SMS saying that it would function till midnight. I went there at 11.30 p.m. to buy vegetables and other essentials. Decided not to become part of the long queue at ATMs on Tuesday night as I can fill fuel in my car using credit and debit cards. During lunch time, I opted to be in Ottappalam so that I can swipe my card at the restaurant there. It may be difficult to swipe card at restaurant if I had to go to any interior area at noon,” he said.
