Modi move on black money: People happy, but little panic too

Modi move on black money: People happy, but little panic too

People in Chennai and other parts of Tamil Nadu have welcomed Prime Minister Narendra Modi’s announcement scrapping Rs 500 and Rs 1,000 notes.

“This is a very bold move. This will completely eradicate black money and corruption. We welcome it,” said Naresh Kannan of Saidapet.

Ramprabhu, a resident of Chromepet said, “it is a welcome move. I welcome it and strongly support Modi. He has made us proud.”

Meanwhile, soon after the announcement, people began queueing up in bank ATMs to deposit currencies of these denominations in Cash Deposit Machines (CDMs) and tried to withdraw notes of lower denomination.

There were crowds at cash deposit machines as customers queued up to deposit Rs. 500 and 1000 currency notes. Petrol pumps, retail outlets and restaurants too, saw a rush as people thronged to hand over their big banknotes in lieu of small cash transactions.

Some shops in T. Nagar posted notices saying they will not be accepting the currency notes being withdrawn. Shortly after 10 P.M., police had been deployed at various ATMs throughout Chennai.

Although it has been announced that fuel outlets will accept Rs 500, 1000 notes for the next 72 hours, some petrol pump operators sounded apprehensive and declined to accept five hundred and thousand rupee notes from their customers ensuing in arguments.