Normal banking operations have gone for a toss as citizens form queue outside bank in panic to exchange higher denomination notes at all branches in the country. While withdrawing higher denomination notes is an excellent move by the government to curb black money operations, some logistical way out should be found to help citizens as most people even skip their office and work places to exchange currency at bank.
Exchanging money and depositing higher value notes counter could be kept after banking hours in the evening so that people can go to their office and perform this exchange business in the evening. Other way could be to dividing clients on the basis of gender on alternate days that would reduce crowd by half or on the basis of ‘odd and even’ account numbers.
The Modi government is pro poor and people with 500 and 1000 notes should not panic as every single note would be replaced as ‘promised’ on the currency note by the govt. Only people with ‘Black and unaccounted money’ have a problem and this whole exercise is targeted towards that exercise only.
(The views expressed by the author in the article are his/her own.)