Demonetization : A saga of pain misery and opportunity

On November 8, 2016 just when the eyes of the rest of the world were busy watching the outcome of one of the world's most hyped event, the election of President of the United States of America (USA) the realities for many Indians were changing on the ground. Prime Minister (PM) Narendra Modi, through a televised address to the nation made the single biggest announcement of the decade. 'From midnight today, Rs 500 and Rs 1000 will loose its value of legal tender and it will be nothing more than a piece of paper', said PM Modi in his address to the citizens of the country. What followed is a saga of pain and suffering for some and opportunities for others.

People posing wit Rs 500 note that has been demonetized.

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On November 8, 2016 just when the eyes of the rest of the world were busy watching the outcome of one of the world's most hyped event, the election of President of the United States of America (USA) the realities for many Indians were changing on the ground. Prime Minister (PM) Narendra Modi, through a televised address to the nation made the single biggest announcement of the decade. "From midnight today, Rs 500 and Rs 1000 will loose its value of legal tender and it will be nothing more than a piece of paper", said PM Modi in his address to the citizens of the country. What followed is a saga of pain and suffering for some and opportunities for others.

People standing in queues in banks (Image source: PTI)

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The demonetization that took place on November 8 saw unprecedented queues at banks where people exchanged banned notes for new ones.

Angry crowd knocking the doors of the bank that has shut on their face.

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Demonetization; that was seen as a measure to crackdown on black money seems questionable as lives of those holding them have not changed a bit but the common man's definitely have.

PayTm, freecharge, Mobikwick cashes in

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The saga of pain and misery of common men were not enough that they were forced to a new method transaction called virtual money or cashless.

Citizens waiting in long queues outside ATMs, unsure if the kiosk has money in it.

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Banning of higher currency notes such as Rs 500 and Rs 1000 drained the ATMs out of cash in no time. This led to massive queues of people waiting for cash money.