Honest Bollywood star vs black money hoarders at ATM

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TheRager

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Posted: 9 years ago

Anil Kapoor @AnilKapoor Mumbai, India

Anil Kapoor Retweeted Apoorva M.

Taking selfies in an ATM line: check Thanks to #DeMonetisation, I get to meet you lovely people @apoorva_m1!

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Deccan ChronicleVerified account@DeccanChronicle

Demonetisation: Payday leads to protests, clashes on Hyderabad streets https://www.deccanchronicle.com/nation/current-affairs/021216/demonetisation-payday-leads-to-protests-attacks-on-bank-staff-in-hyderabad.html ...

https://twitter.com/TruthOfGujarat/status/804638581251862528

churumuri @churumuri

Freedom at midnight? An ATM queue past midnight on December 2 at Defence Colony market in Delhi, 24 days after India plunged into an abyss.

Mohammad Ali @hindureporter

A long line of black money holders fighting with each other to loot the ICICI bank ATM in Meerut #DemonetizationDisaster

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Sherlock.

@Sherlock.

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Posted: 9 years ago

5 star hotel ATM will not even have a line to withdraw money and they talk about demonetization

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1019702

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Posted: 9 years ago

Are they making fun of those people who actually stand in a queue ???
Looks like ...

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BIackSwan

@BIackSwan

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Posted: 9 years ago

So many long queues for ATM? 😲

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Sunara

@princessunara

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Posted: 9 years ago

I'm curious why r there such long queues at ATMs? Aren't there enough shops that would accept plastic money?

Plus on a different note normal reasonably well to do people don't have more than some odd 20-40 notes of 500s n 1000s at a home of around 2-4 adults I guess. So why is there such chaos?

PS: am a foreigner so genuinely asking to get to know :)

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BIackSwan

@BIackSwan

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Posted: 9 years ago

Originally posted by: princessunara
I'm curious why r there such long queues at ATMs? Aren't there enough shops that would accept plastic money?

Plus on a different note normal reasonably well to do people don't have more than some odd 20-40 notes of 500s n 1000s at a home of around 2-4 adults I guess. So why is there such chaos?

PS: am a foreigner so genuinely asking to get to know :)

Same here. I'm pretty confused as to why there aren't enough ATM's in India considering the high population there

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576281

Suspended

Posted: 9 years ago

Originally posted by: princessunara
I'm curious why r there such long queues at ATMs? Aren't there enough shops that would accept plastic money?

Plus on a different note normal reasonably well to do people don't have more than some odd 20-40 notes of 500s n 1000s at a home of around 2-4 adults I guess. So why is there such chaos?

PS: am a foreigner so genuinely asking to get to know :)

Apparently, there is black money involved at every level irrespective of the financial status of the individual...There are a lot of people in India who don't even have a bank account and still save money in the old methods, that is stash the notes away under the bed! All that money is unfortunately called as 'black money' now......So yes, this demonetization as good as it seems, is after all not without its loopholes...

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TheRager

@TheRager

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Posted: 9 years ago

Originally posted by: Curlylocks

Same here. I'm pretty confused as to why there aren't enough ATM's in India considering the high population there

Not many are comfortable using plastic money-people in rural areas, senior citizens. Even in urban areas we dont use plastic money as much as say in the USA. People prefer handling cash hence most petty transactions happen in cash only. There are a large number of illiterate people too who can probably tell money apart by looking at it. Tough for such people to use plastic money or mobile wallets.

Edited by MrsKhan - 9 years ago

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Seig heil

@S_H_Y

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Posted: 9 years ago

Originally posted by: Curlylocks

Same here. I'm pretty confused as to why there aren't enough ATM's in India considering the high population there

1.2 billion people

35 million ppl with bank accounts

Approx 200 k ATM

500,1000 rupees that were demonetize were 86 percent of total cash in economy

Now 86 percent notes needed to be replaced

Also the RBI isn't able to produce notes as fast as this to replace the need.

No plastic money is usually in tier 1 cities like delhi , mumbai and not available in all shops

Many people don't have AtM card too and online payment is not used much since internet is shit here

Edited by SherlockHouse - 9 years ago

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BornHyper

@BornHyper

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Posted: 9 years ago

#10

Small time vendors like vegetables and fruits etc deal only in cash. Even if one goes to supermarkets where buyers can pay by card, the supermarket chains have to pay the middlemen and the farmers in cash. Middleman still may accept cheque/ online transfer but the last man in the chain needs cash and if it does not come from upstream there is a bottleneck somewhere.

App based cabs accept money electronically but they are available only in big cities. Autos/ taxis in small cities deal mostly in cash and this cannot change overnight.

While I am a huge supporter of the demonetisation scheme, the practical aspects of implementation were ignored. It is now causing so much problems to people who have white money still cannot access it. Folks in my office took time off from work to stand in ATM queue at the month end because they need to pay domestic help, milkman, newspaper wala, cable wala etc

Edited by Serotonin - 9 years ago