A 70 year old man from Eastern Uttar Pradesh district of Azamgarh, died of a heart attack after standing in a queue outside a bank in Maharajganj area.
The old man Ishteyak Ahmad, a retired teacher was standing in a queue when he fell unconscious standing in the queue. Although he was immediately taken to the hospital, he could not be saved.
Only a few days back, a 73 year old man Vishwanath Vartak had collapsed due to a heart attack in Mulund, Mumbai while standing in a queue outside SBI branch. Others in the queue admitted Vartak to the hospital, but unfortunately he could not be saved.
People have rushed to exchange 500 and 1000 rupee notes through banks after the government of India initiated a ban on 500 and 1000 rupee notes. People have been asked to exchange their notes until December 2016 after which the currencies will not be taken and circulated.
Modi’s shocking announcement has got ordinary citizens at a fix who are running up and down to tackle the shortage of new currency and dealing with long queues at banks and ATMs.
The notes of 500 and 1000 account for roughly 87% of all notes in circulation across India that runs on cash. As per 2015 Tufts University study, less than 10% Indians had made payments without using cash. The report also said that the value of notes and coins as compare to India’s economic output, or GDP, was about 12%, which is significantly higher than the likes of Brazil and South Africa, where it is under 4%.
Modi government argues that the step to demonetize will have a good impact on Indian economy in the long run and said that the problem faced by the people is temporary.
Manohar Parrikar, Union defense minister said that ‘demonetization ended stone pelting in Kashmir’, to which Congress President Farooq Abdulla responded by saying that it is a misconception that demonetization and board exams would end the unrest in Kashmir Valley. He also said that the “storm” would rise again.