News Kashmir Exclusive
In a recent far reaching landmark decision the Government of India recently demonetized currency notes of RS 500 and Rs 1000. As a matter of fact, the demonetisation of ₹500 and ₹1000 banknotes was a step taken by the Government on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of legal tender in entire country from 9 November 2016.
Pertinently, the announcement was made by the Prime Minister of India Narendra Modi in an unscheduled live televised address to the nation at 20:15 Indian Standard Time (IST) the same day. In the announcement, Modi declared circulation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as invalid and announced the issuance of new ₹500 and ₹2000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.
Whileas the entire country is witnessing chaos, pain and confusion over the decision, Kashmir is not seeing much upheaval and the life with reference to this paradigm seems all the more normal.
Few days back, Huffington Post reported that -“Demonetisation Death Toll Rises To 25 And It’s Only Been 6 Days.”The report further added that- “Housewives are committing suicide, infants are being denied treatment at private hospitals and the elderly are collapsing in long queues.”
Whileas, the valleyites have stayed calmer after the decision. Neither there are big ques on ATMs nor is there huge rush in banks .
Bilal Bashir Bhat, a Journalist while talking to News Kashmir stated – “Kashmir has witnessed much calmer situation with reference to demonetizing . We see no panic among people after this decision in Kashmir, whileas outside Kashmir much panic has been witnessed. We came to know of several deaths with reference to this decision.In Limbdi town of Surendranagar district in Gujarat, a 69 year old collapsed and died of heart attack waiting in a queue to exchange currency notes at a Bank of India branch.An elderly woman living by herself in Kanpur died while counting her notes. Police found Rs 2.69 lakh worth of old currency notes alongside her body. In Kashmir no such things have been witnessed. Demonteization has practically had no impacts outhere.”
Importantly , the banknote denominations of ₹100, ₹50, ₹20, ₹10 and ₹5 of the Mahatma Gandhi Series continued to remain as legal tender and were unaffected by the policy. The demonetisation was done in an effort to stop the counterfeiting of the current banknotes alleged to be used for funding terrorism, as well as to crack down on black money in the country. The move is also aimed at reducing corruption, drug menace and smuggling.
Whatever be the pros and cons, on ground reality horizons Kashmir has stayed much calmer, quiet after the demonetization decision.