Black money crackdown: Rs 500, 1000 demonetisation causes useless panic

In one of Prime Minister Narendra Modi’s biggest crackdowns on black money, on late Tuesday night he said that Rs 500 and Rs 1,000 currencies will cease to be legal tender. 

However, he assured citizens that the value of their money will not deplete and they could go to a bank or a post office to get lower denominations. People could deposit these currencies in their bank accounts for their full value till December 30, 2016, he said. 

Also Read: 10 things PM Modi said apart from demonetising Rs 500, Rs 1000 notes

This did not stop people from panicking. Huge queues at petrol pumps and jewelery stores were seen late into the night with people trying to convert their money into gold of full fuel tanks up to the brim. 

People were also seen stocking up consumer goods at groceries and bakeries who also refused to accept large denominations. 

Dozens of people lined up to use ATMs for cash deposits in suburban Mumbai trying to deposit bundles of 500 and 1,000 rupee notes due to which the machines became dysfunctional after a short while, a report by Reuters said.

PM Modi reinforced there was no need for the common people to panic as he said, “You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office.”

Modi reassured the people that this move by the government was focused on black money hoarders and would have little impact on honest hard working citizens.

Also Read: Everything you need to know about PM Modi's historic announcement

“If you are unable to deposit Rs 1000 and Rs 500 notes by December 30, you will be allowed to change them till March 31, 2017 by providing ID proof,” Modi said.
 
This did not stop people from making jokes in social media. 

Here are some: 

WITHDRAW THIS DRACONIAN DECISION

— Mamata Banerjee (@MamataOfficial) November 8, 2016

Now it be clear chutiyaas are chutiyaa !!#BlackMoney #Currency
Close enough -- pic.twitter.com/SYqpNqXDAI

— PhD in Sarcasm !! (@I_Atheist_) November 8, 2016

Attention: I'm going to auction the ₹52,56,78,98,534/- stashed away in my garage. Do I have a bidder for this #BlackMoney #Currency? Anyone?

— Tarek तारिक Fatah (@TarekFatah) November 9, 2016

As a doctor, I can tell you this. Private medical college owners are going to be having chest pains and night sweats tonight #BlackMoney

— Dr.Deepak kumar (@deepakdeepz) November 8, 2016

All people who are planning to burn their notes can sponsor treatments & surgeries in hospitals and acquire some merit atleast. #BlackMoney

— Girin Govind (@GirinGovind) November 9, 2016

For the next few days, you can print your own notes and use. Till people figure out how the new notes look like. #BlackMoney #CurrencyBan

— Shirish Kunder (@ShirishKunder) November 8, 2016