Currency circulating in the country’s economy and used in trade and by its people at large has been witnessing unprecedented intervention by the government, the recognised authority for its issue as legal tender. First of all, coins of face value equal to less than one rupee have become part of the coinage in the land. The next landmark event that resulted in nearly 86 percent of total paper currency in the country demonetised happened 26 months and one week ago. Those who could declare bank notes of Rs. 500 and Rs.1,000 in their possession that were legal tender until the midnight of Nov. 8, 2016, rushed to the banks to get the amount in legal currency. The gentry who had hoarded wealth in the form of demonetised notes and unable to declare resorted to beat the law-keeping agencies of the government in their own game by various means that the media reported with graphic details.

Money in the form of coins and notes in multiple denominations had been taken for granted by all sections of population until that day of jolt. Replenishing currency in circulation to fill the gap taking time, the masses experienced a financial choke and the small traders were the worst affected, unable to exchange their wares for money.

More than 2,00,000 ATM (Automated Teller Machines or more popularly identified for its Any Time Money) kiosks, with State Bank of India having nearly 60,000 of them, which also had been taken for granted, witnessed an abrupt rush resulting in the machines going cashless themselves. Then began the story of hectic action on the other side of the bank counters. Front pages of newspapers in all languages also ran out of column space reporting the pell-mell that people seeking cash caused in the premises of banks everywhere. Small traders proved their ingenuity in dealing with the crisis that descended upon them like a bolt from the blue.

While the aam janata were clueless on where from to get hold of cash for their daily activities of buying their needs of life, the staff in the branches of banks felt helpless facing fury of the account-holders. Even as the Reserve Bank of India sources have revealed that the satisfaction level of customers of banks has declined drastically, plight of those on the other side of the counter didn’t make any difference to the customers.