Life turned out to be miserable for citizens of India with injudicious decision taken by PM Narendra Modi on high currency ban. Until now, government has assured that woes of people would be cleared quite soon. Modi himself proclaimed, he would weave a magic in 50 days so that hardships faced by common man would be disappeared.
However nothing of that sort as assured by the Modi government is happening now. Economists made it clear that it would take at least 7 months to get the normalcy prevailing in currency circulation.
According to statistics from RBI, a total of 1660 crores demonetized Rs.500 notes and 670 crores of Rs.1000 notes will be rolled back by the banks. And they put together are of worth 2300 crores notes equivalent to Rs.15 Lakh Crores.
However, the mints and printing presses in India can print only 300 crore notes a month while withdrawal notes are 2,300 crores in number. At this rate, it will take seven months to get all the required notes printed. Till then, people should suffer the currency scarcity. What a pathetic situation it is?