In the post-demonitisation day everybody is facing cash crunch, leading to long queues at banks and ATMs. The crunch is so serious that people for a few days have stopped spending money on other things save essential commodities.
This was visible on Children’s Day in Okhla as teachers had no money to celebrate the day. “Students came to me and asked me to buy them sweets on this occasion. I explained to them my situation that I had no small amount to purchase sweets. But to keep students’ spirit high I took out a few small denomination currencies and bough toffees for them,” Rizwan Khan, director Plasma coaching institute at Okhla Head told OKHLATIMES.COM.
He said since the denomitisation he has been facing the cash crunch. “I am left with only a small amount of money and don’t want to spend it on luxury until the banks open on Tuesday. I asked a few friends some small notes of Rs 100 but they too declined as they are pressed with currencies. There is chaos in the locality as everybody is talking about currency crunch. Let’s see how long it last,” he said.
Several residents in Okhla are facing hardship following the announcement made a few days ago banning Rs 500 and Rs 1,000 notes as a move to fight black money.