The sudden demonetisation of ₹500 and ₹1000 notes to curb black money, corruption, counterfeit currency and terror financing is welcome. Though ordinary people will face some inconvenience, this bold step will benefit the poor and the lower middle class by reducing inflation to contain the prices of everyday commodities.

Buddhadev Nandi

Bankura, West Bengal

The Modi government has taken a really bold step. The common people will have to face some problems just for a few days. But terror funding and drug trafficking will come to an end. These will be the best, pro-people, pro-youth, pro-nation fruits of this economic surgical strike.

There are also sufficient facilities to exchange the old notes. Therefore there is no need to panic. Banks and post offices should be provided with enough security.

Hansraj Bhat

Mumbai

Toll booths have not been included in the list for accepting the demonetised notes. Most truck drivers do not carry small denomination notes.

KB Nageswara Rao

Bengaluru

Hardly 20 per cent of the population including will have black money, but by this sudden action, everybody suffers. Only 20-25 per cent of the Indian population uses cashless payment options, and some 20 per cent uses mobile wallets and online options. What about the remaining 60 per cent of the people?

What will happen to farmers, who constitute about 50 per cent of the population? What about roadside vendors and others? Despite JDY, many still don’t have bank accounts. Mobile wallet companies will benefit the most for at least one week. Now e-commerce companies have stopped all cash on delivery, cab and auto drivers refuse to accept these notes. At petrol pump stations they tell us to fill up ₹500 or 1000 worth fuel, they refuse to give change. This is incovenient for two-wheelers.

With banks being closed on Wednesday, and likely Thursday, that leaves just Friday as a working day, after which it’s a second Saturday, and Sunday. People have to manage somehow until Monday. For those travelling during this time, it’s a real problem. The PM should have given people time. In a sense, it’s been made legally possible to launder black money to white.

Vasanth Kumar Jagan Mohan

Bengaluru

This is big trouble for genuine tax-payers, who form the majority and who include senior citizens and housewives. The best course is either to abolish income tax or minimise its rates. The exemption limit is unrealistic considering the continuing inflation and high standard of living. Even the proposed GST rates are too high.

The cash withdrawal limits set put are unrealistic, illogical and absurd. This is due to the inadequacy of new notes — the scheme could have waited till sufficient quantities of the required notes were available to banks. Has the common man’s troubles eased in any way?

M Kumar

New Delhi

The Government has said that one rupee notes continue to be legal tender. What can one get for ₹1? It is valueless. It must be remembered that just 57 people owe Indian banks over ₹85,000 crore. Can the demonetisation scheme bring the precious amount back in circulation? I don’t think so.

S Ramakrishnasayee

Ranipet, Tamil Nadu

With the old notes ceasing to be legal tender, monetary transmission will be more effective. Earlier, with tightening of formal interest rates, the hawala market neutralised it by providing cheap funds for many enterprises including some elite ones. Further, black money which unabatedly supported vulgar spending on social occasions of the rich was also immune to policy rates.

Ranjit Kumar Das

Patna

Perhaps, this is most effective way of curbing the circulation of black money. It is certainly audacious and historic.

Srinivasan Umashankar

Nagpur

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