The sudden withdrawal of Rs 500 and Rs 1,000 notes starting Wednesday has left an enormous chunk of the citizenry stranded without enough ...
The sudden withdrawal of Rs 500 and Rs
1,000 notes starting Wednesday has left an enormous chunk of the citizenry
stranded without enough paper cash in their wallets.
The government’s attempt to shrink the country’s black market economy may start to show positive results in the months to come, but for now many Indians wish the government had not made their lives so difficult during the transition.
On the other end A large amount of cash has
suddenly started flowing into previously inactive Jan Dhan accounts in the
aftermath of the demonetisation of Rs 500 and Rs 1,000 notes. The Jan Dhan
Yojana was launched in August 2014 with an aim to bring the poor into the
fold of banking facilities, and empower them financially by encouraging
savings, and easing loan delivery and direct cash transfer.
Accounts opened at the time but not used so
far have overnight turned flush with funds. Many such accounts, which held only
Re 1or Rs 2 till November 8, now have up to Rs 49,000, the upper limit for
deposits that can be done without PAN card
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