The extension of the validity of Rs 500 and Rs 1,000 denominations has been received with mixed reactions. Shaktikanta Das, secretary of Economic Affairs, declared the old denominations valid till November 24. They will be valid for payments at petrol pumps, drugstores, hospitals and for bill payment of other goverment utilities.
Speaking to City Spidey, Mridul Chatterjee, a Noida Sector 47 resident who spends a fortune every month buying medicines for his ailing mother, said the extension would benefit people like him, for whom the cash crunch was proving to be a disaster, as it involved health and medical emergency.
On the other hand, Suneeta Nair from Noida Sector 34, said the step would not make much of a difference, as the extension was only for 10 days. She also said drugstores and petrol pumps were not the only necessary utilities. "What about basic necessities such as food?" she asked.
An employee of a leading drugstore chain in Sector 29 said they were open to accepting the old denominations as long as customers made purchases in round figures of Rs 500 and Rs 1,000, as the only problem they were facing was shortage of change. An operations management staff of the chain told City Spidey that they were keeping an eye out for updates and would comply with the government's directions.
However, another drugstore owner from Noida Sector 18, on condition of anonymity, said the extension was nothing less than added trouble. "This just means we have 10 more days of standing in queues for depositing the old denominations," he said. "And that's not the only problem. The distributers and wholesalers also refused to accept payments made with the old denominations. Neither are they ready to supply stock on credit."
