Govt. should have given more time: Hyderabad residents on demonetization

Expressing disappointment over the Centre's immediate move to demonetize Rs. 500 and 1,000 notes, the local residents here said that some more time should have been given before closing the ATMs and banks.

"The only problem at petrol pumps is in receiving the change. There was not even a single vehicle here yesterday morning but now there is a long queue. The government should have given some more time. They should have given at least a week's time instead of just three days," Kiran Kumar, a local here, told ANI.

Another local resident named Salim echoing similar sentiments said they are facing a lot of problems post this decision, adding that they have become helpless as of now.

"When we came here and asked for change, they are saying that they don't have change. Since morning I have been to three places, everywhere I showed them the 500 rupee note and they are saying they don't have the change," said Salim.

"We don't know what to do. The government should have taken some measures prior to implementing this decision," he added.

Meanwhile, Mohammed Abdul Salim, an auto-rickshaw driver, said that they are suffering losses because of the government's decision.

"I did not take any 500 or 1,000 rupee note from the customers. We are suffering because of this. Even if the passengers have travelled for 50 rupees they are paying Rs. 500 note," he said.

Union Finance Minister Arun Jaitley has, however, defended the government's decision and said the decision will move the country towards a cashless economy.

Reassuring the people that those having lawful money would have nothing to fear, Jaitley said this is a major setback to the parallel black money economy because a lot of currency operating outside the system will now have to be brought into the banking system.

"The government believes that this decision has been welcomed everywhere. This major step with help India's credibility," he added.

The Finance Minister further said this decision will change the way people spend and keep their money.

"It will take India towards a cashless economy, it doesn't merely push the country in that direction, but significantly pushes it," he added.

He also said the decision is of significant advantage to the economy, adding both the Centre and states will benefit from with more revenue accruing in the economic system.