Polymer Currency Replaces 500, 1,000 Paper Notes

The BJP at the Centre today banned the minting of Rs. 500 and 1,000 currency notes and announced the introduction of polymer currency in order to make black money and counterfeit currency expendable.

The announcement was made by Prime Minister Narendra Modi on Tuesday night. As per the announcement, banks will remain closed till November 10 and ATMs till November 11. Banks will open and start function from Thursday, and people can exchange their 500 and 1,000 notes with the new polymer currency.

Most Petrol Bunks will however accept 500 denominations provided the transaction is made for the entire cash amount.

However, the general public in Hyderabad was unprepared for such an event. Normal life for citizens - the middle, lower middle and the weaker classes - in Hyderabad and elsewhere was thrown out of gear following Modi's orders.

The abruptness of the order created confusion and panic among the public as none was prepared, and did not have lower denominations for day-to-day needs such as fuel, groceries and medicines.

While many of them did not possess debit or credit cards for daily needs, several others felt impoverished as they did not have lower denominations. ATMs, too, were made expendable as most ran out of any denominations below 500.

Petrol Bunks, Toll Plazas at highways and some other places remain jammed and cumbersome around and throughout the city.

Although the move is being hailed as a "surgical strike" on corruption, the public and some sections of the political fraternity remain skeptic and unhappy with the move.