This is such big news that it will go in the annals of Indian Economic history as a turning point. PM has dropped a bomb with a loud dhamaka. Blogosphere has enlivened with the news that 500 and 1000 rupee notes is no longer legal tender. With Pakistan Printing huge amounts of Indian currency the government seems to have woken up.
How do you survive without 500 and 1000 rupee notes? Here are a scenarios that may happen:
Mayhem at the banks..... India is such a huge economy that banks would be in no position to cater to the high demand for 100 rupee notes for a few days.
Later when new currency comes through it may face huge demand. ATM machines may go dysfunctional for a few days.
How to survive the cash thin era?
1) Carry all kinds of cards... You never know when you will need them.
2) Recharge your wallets to the hilt. May be wallets will do brisk business(its good news for them).
3) Pay your servants by NEFT/IMPS/UPI.
4) Don't shop at places where cards are not accepted.
5) Pay by card even at the petrol bunk.
6) Conserve 100 rupee notes.
7) For a few days be extra careful of your expenses.
Update: It is now all Ok after 17 days. Still some areas of the country are facing cash shortage. The coming November salary day may see another crisis. Fingers crossed.
How do you survive without 500 and 1000 rupee notes? Here are a scenarios that may happen:
Mayhem at the banks..... India is such a huge economy that banks would be in no position to cater to the high demand for 100 rupee notes for a few days.
Later when new currency comes through it may face huge demand. ATM machines may go dysfunctional for a few days.
How to survive the cash thin era?
1) Carry all kinds of cards... You never know when you will need them.
2) Recharge your wallets to the hilt. May be wallets will do brisk business(its good news for them).
3) Pay your servants by NEFT/IMPS/UPI.
4) Don't shop at places where cards are not accepted.
5) Pay by card even at the petrol bunk.
6) Conserve 100 rupee notes.
7) For a few days be extra careful of your expenses.
Update: It is now all Ok after 17 days. Still some areas of the country are facing cash shortage. The coming November salary day may see another crisis. Fingers crossed.
