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currency( 500 & 2000) denomination notes, the banks would be closed for a day, there would be limits on withdrawals, and so many other dos and donts. Come to think of it, there was hardly another way to bring about such demonetization, it had to be hard and it had to be sudden.
Immediately after the announcement, people hit the streets trying to exchange the ubiquitous 500 and 1000 bucks, by making small purchases or things like that. But as the word spread, the exchange stalled. No one was ready to touch the currency with a barge pole. Shopkeepers would smile indulgently on being offered these notes. Outside ATMs, there was a huge queue of people, withdrawing 400 bucks at a time. Ditto, long queues at petrol pumps, as people tried to use the notes to tank up their vehicles. Even on the television, you could all these people standing outside ATMs and petrol pumps trying to lay their hands on whatever 100 or 50 they could lay their hands on. People across the board were confused, irritated, and even angry at the
way their Tuesday night had been laid waste. But yet, almost all were in agreement that it was a bold, necessary and welcome move by the government. There was hardly a soul on the road, who did not support or complement PM Modi on this move.
So how is that when so many people were troubled and disconcerted with a policy action, yet they seemed to be happy and glad for it?
It can be explained by a German
November 2016 34 www. smartgovernance. in