Apna paisa, funny money
Mumbai Mirror talks to city folks from all walks of life to see how demonetisation is affecting them.
On November 8, the central government stunned the country by deciding to demonetise all 500 rupee and 1000 rupee notes and replace them with new 2000 and 500 rupee notes. Whether you agree with the decision or not, there’s no denying it has affected the daily lives of hundreds of millions of people across the country. Mirror talks to six people in the city to understand the impact of demonetisation on their lives and how they have coped with the aftermath.
SUNEETA GADE, 34
Vegetable Vendor
Suneeta was at her home in Khar (East) when she heard about the government’s decision to demonetise all 500 rupee and 1000 rupee notes. Her first thought was to wonder how she would conduct her business if her customers didn’t have these notes. Her fears have proven to be justified. “I used to make about Rs 500 or Rs 600 per day,” she told Mirror. “Now I am not even making what I spend on the vegetables. I am losing about Rs 400 to Rs 500 a day.
“Initially, her customers tried forcing her to accept their old 500 rupee notes (“What will I do with them if I take them?” she asked). Now, they try to get her to accept the new 2000 rupee note, which has created another headache. “The biggest, biggest problem for poor people is the 2000 rupee note,” she says. “If there was a 500 rupee note, then even if you buy 100 rupees worth of vegetables, we can adjust the remaining 400. But with 2000 that is not possible. It has become even more difficult since this note has come.”
Suneeta doesn’t have a bank account or a card, so didn’t go to the bank. Her husband does have an account but as luck would have it, he had gone to his village for 10 days when the news was announced. As a result, she is taking whatever money she can get from her customers while maintaining a ledger of people who owe her money and to whom she owes money. In the eight days following the announcement, she says she has extended roughly Rs 8500 in credit to her customers.
Her day begins at 5:30 am, which is when she sets out for the Dadar market. The vendors from whom she buys her vegetables there are also functioning on credit. “They are in the same situation I am in,” she says. However, she doesn’t think the system can take the strain for much longer as supplies are running low. “Nobody is giving Rs 100 notes,” she says. “They say there is no money in the bank. What are poor people supposed to do?”
DEVENDRA BHAGLE, 28
Rickshaw Driver
Bhagle has been driving his rickshaw for close to two years in the Malvani area of Malad, though he took the Teacher Eligibility Test (TET) in February this year and is awaiting his results. Bhagle heard about demonetisation the day it was announced through a passenger but he “did not get time to go to the bank and stand in the long queue to withdraw money yet”.
Before demonetisation, he used to earn around Rs 800 to 900 per day. “My income has gone down by almost half. Now, I earn around Rs 500 to 600. I am just a little worried that gas prices and the maintenance cost might go up,” Bhagle says. Originally from Dhawali village in Rajasthan, he says his family back home is facing trouble with the new 2000 rupee note as nobody is ready to give change. Bhagle is even facing problems in sending money to his hometown. And, due to the never ending queues at banks, he has not been able to get his old notes exchanged. But surprisingly, he is not complaining. “We will face difficulties for a few days but this step taken against corruption by our Prime Minister Narendra Modi is a very good.”
He understands that passengers are facing a problem due to this and sometimes, he has had to refuse them because they did not have change. But he says he is hopeful that the problem will be solved in a few weeks.
MEGHA AGRAWAL, 24
Marketing Professional At Viacom18
Agrawal was at her sister’s house in Marol watching television when the news of the government’s “surgical strike” on black money was announced. As it turns out, she had withdrawn Rs 2500 that afternoon, 2000 of which was in soon to be worthless Rs 500 notes. “I had to pay my maid. We had to pay for our ration and I didn’t know what was going to happen. It was quite funny.
I borrowed Rs 300 from my sister that day because I thought maximum in a day or two it will be fine. I was very happy that the government has taken such a great step. It is only after two days that it sunk in that, ‘Oh my God, I am the one getting affected’.”
Agrawal, who is originally from Patna and moved to Mumbai in 2014, lives with two other friends in Andheri. They were unable to pay their maid. In fact, for three days, they were unable to even buy milk or vegetables. “The maid said to please give her all the money next month. I asked her, ‘How are you surviving?’ She said, ‘Everything is running on credit.’”
In order to save cash, Agrawal began walking to her office, which is about 15 minutes away from where she lives, instead of taking an auto. She also ate her meals in the office canteen because that cost her just Rs 30 but eventually ran out of money and had to ask the canteen operator to give her credit. She didn’t try going to the bank or an ATM because they were either closed or had serpertine queues. “I was working over the [previous] weekend and every day, there was office. It was practically impossible to go to the bank. I didn’t have the courage, honestly, to stand in the line
This Monday, she borrowed another Rs 300 rupees from her sister, who had gone to the bank the day before and withdrawn money after standing in a queue for two hours. “I am just lucky to have a relative here,” she says. Agrawal finally managed to withdraw money on Thursday from the ATM in the Viacom18 office after standing in line for an hour and a half, having managed with 300 rupees for three days.
She thinks the government’s decision’s was the right one but after struggling for the last 10 days, said it could have been thought through better. “If you are removing 86 per cent of currency from the economy, then you need to have a certain kind of back-up so that people within a week at least are getting some balance back in life. They could have done a much better job in terms of execution.”
MIHIR DESAI, 34
Co-Owner, Corum Hospitality
Desai, who is in the hospitality business, heard about demonetisation through the Times of India app. It took him a few moments to understand the decision. But once he realised that the 1000 and 500 rupee notes have been banned, he did not panic or make a mad dash to the ATM. “I did not rush to the ATM because we have our cards and, we have been given 50 days to get the old currency sorted. As of now, there has been no problem,” he says.
In any case, Desai has been cashless for some time. Even buying daily grocery wasn’t a problem for the 34-year-old Bandra resident because he has an account with his local grocery store which he settles every month by cheque. He hasn’t made a trip to the bank yet because, according to him, “The government has given you 50 days and after 10-15 days, I am assuming there won’t be such a big queue and you’ll be able to get it.”
Desai fully supports this move by the government. “The black money is a parallel economy which is being a hurdle towards the progress of the country,” he says. Still, he understands that others have faced difficulties, which is why he chose to give each of his employees a half day to go to the bank. “I have multiple outlets (of pubs), so from each outlet we sent 15 people every day to get their money exchanged or get their cash problems sorted,” he says.
RAIS SAHIB, 48
Daily Wage Labourer
Rais Sahib is a painter. He lives in Film City, Goregaon and travels every day to the labour market in Khar looking for work. Some days he finds work, on other days, he just sits around. When Mirror met him, his hair and shirt was covered with white dust and he was carrying a gunny sack on his shoulders. He is not happy about the decision to suddenly remove the 500 and 100 rupee notes from circulation.
“For four or five days after the announcement, I didn’t get any work and wasn’t able to get change from the kirana store either,” he says. “It was a big problem to get food. I had to exchange my old notes for a discount because a man can’t remain hungry.”
He has found work in the last few days but hasn’t been getting his full pay, which is normally around Rs 600 to Rs 700 a day. “Luckily, I have been getting a little change somehow from my supervisor,” he says with a smile. “I am getting Rs 200 or Rs 300 but the rest of my money is a problem.”
He doesn’t have a bank account either and so hasn’t attempted queuing up to try and get change. He also thinks the government made a mistake by issuing the new 2000 rupee notes first. “If I buy food for Rs 50, the kiranawalla tells me where I will get change from? They should have brought out the Rs 500 note first. It would have been easier.”
Asked about Finance Minister Arun Jaitley’s comments that people should be patient for a few weeks, he says poor people don’t have the luxury of waiting. “For those with money, it makes no difference. For poor people, it is very bad. We are dying from starvation. After a person dies, if you give him water, will he come back to life? “What can I say? Modi sarkar has made the plight of the poor even worse.”
On November 8, the central government stunned the country by deciding to demonetise all 500 rupee and 1000 rupee notes and replace them with new 2000 and 500 rupee notes. Whether you agree with the decision or not, there’s no denying it has affected the daily lives of hundreds of millions of people across the country. Mirror talks to six people in the city to understand the impact of demonetisation on their lives and how they have coped with the aftermath.
SUNEETA GADE, 34
Vegetable Vendor
Suneeta was at her home in Khar (East) when she heard about the government’s decision to demonetise all 500 rupee and 1000 rupee notes. Her first thought was to wonder how she would conduct her business if her customers didn’t have these notes. Her fears have proven to be justified. “I used to make about Rs 500 or Rs 600 per day,” she told Mirror. “Now I am not even making what I spend on the vegetables. I am losing about Rs 400 to Rs 500 a day.
“Initially, her customers tried forcing her to accept their old 500 rupee notes (“What will I do with them if I take them?” she asked). Now, they try to get her to accept the new 2000 rupee note, which has created another headache. “The biggest, biggest problem for poor people is the 2000 rupee note,” she says. “If there was a 500 rupee note, then even if you buy 100 rupees worth of vegetables, we can adjust the remaining 400. But with 2000 that is not possible. It has become even more difficult since this note has come.”
Suneeta doesn’t have a bank account or a card, so didn’t go to the bank. Her husband does have an account but as luck would have it, he had gone to his village for 10 days when the news was announced. As a result, she is taking whatever money she can get from her customers while maintaining a ledger of people who owe her money and to whom she owes money. In the eight days following the announcement, she says she has extended roughly Rs 8500 in credit to her customers.
Her day begins at 5:30 am, which is when she sets out for the Dadar market. The vendors from whom she buys her vegetables there are also functioning on credit. “They are in the same situation I am in,” she says. However, she doesn’t think the system can take the strain for much longer as supplies are running low. “Nobody is giving Rs 100 notes,” she says. “They say there is no money in the bank. What are poor people supposed to do?”
DEVENDRA BHAGLE, 28
Rickshaw Driver
Bhagle has been driving his rickshaw for close to two years in the Malvani area of Malad, though he took the Teacher Eligibility Test (TET) in February this year and is awaiting his results. Bhagle heard about demonetisation the day it was announced through a passenger but he “did not get time to go to the bank and stand in the long queue to withdraw money yet”.
Before demonetisation, he used to earn around Rs 800 to 900 per day. “My income has gone down by almost half. Now, I earn around Rs 500 to 600. I am just a little worried that gas prices and the maintenance cost might go up,” Bhagle says. Originally from Dhawali village in Rajasthan, he says his family back home is facing trouble with the new 2000 rupee note as nobody is ready to give change. Bhagle is even facing problems in sending money to his hometown. And, due to the never ending queues at banks, he has not been able to get his old notes exchanged. But surprisingly, he is not complaining. “We will face difficulties for a few days but this step taken against corruption by our Prime Minister Narendra Modi is a very good.”
He understands that passengers are facing a problem due to this and sometimes, he has had to refuse them because they did not have change. But he says he is hopeful that the problem will be solved in a few weeks.
MEGHA AGRAWAL, 24
Marketing Professional At Viacom18
Agrawal was at her sister’s house in Marol watching television when the news of the government’s “surgical strike” on black money was announced. As it turns out, she had withdrawn Rs 2500 that afternoon, 2000 of which was in soon to be worthless Rs 500 notes. “I had to pay my maid. We had to pay for our ration and I didn’t know what was going to happen. It was quite funny.
I borrowed Rs 300 from my sister that day because I thought maximum in a day or two it will be fine. I was very happy that the government has taken such a great step. It is only after two days that it sunk in that, ‘Oh my God, I am the one getting affected’.”
Agrawal, who is originally from Patna and moved to Mumbai in 2014, lives with two other friends in Andheri. They were unable to pay their maid. In fact, for three days, they were unable to even buy milk or vegetables. “The maid said to please give her all the money next month. I asked her, ‘How are you surviving?’ She said, ‘Everything is running on credit.’”
In order to save cash, Agrawal began walking to her office, which is about 15 minutes away from where she lives, instead of taking an auto. She also ate her meals in the office canteen because that cost her just Rs 30 but eventually ran out of money and had to ask the canteen operator to give her credit. She didn’t try going to the bank or an ATM because they were either closed or had serpertine queues. “I was working over the [previous] weekend and every day, there was office. It was practically impossible to go to the bank. I didn’t have the courage, honestly, to stand in the line
This Monday, she borrowed another Rs 300 rupees from her sister, who had gone to the bank the day before and withdrawn money after standing in a queue for two hours. “I am just lucky to have a relative here,” she says. Agrawal finally managed to withdraw money on Thursday from the ATM in the Viacom18 office after standing in line for an hour and a half, having managed with 300 rupees for three days.
She thinks the government’s decision’s was the right one but after struggling for the last 10 days, said it could have been thought through better. “If you are removing 86 per cent of currency from the economy, then you need to have a certain kind of back-up so that people within a week at least are getting some balance back in life. They could have done a much better job in terms of execution.”
MIHIR DESAI, 34
Co-Owner, Corum Hospitality
Desai, who is in the hospitality business, heard about demonetisation through the Times of India app. It took him a few moments to understand the decision. But once he realised that the 1000 and 500 rupee notes have been banned, he did not panic or make a mad dash to the ATM. “I did not rush to the ATM because we have our cards and, we have been given 50 days to get the old currency sorted. As of now, there has been no problem,” he says.
In any case, Desai has been cashless for some time. Even buying daily grocery wasn’t a problem for the 34-year-old Bandra resident because he has an account with his local grocery store which he settles every month by cheque. He hasn’t made a trip to the bank yet because, according to him, “The government has given you 50 days and after 10-15 days, I am assuming there won’t be such a big queue and you’ll be able to get it.”
Desai fully supports this move by the government. “The black money is a parallel economy which is being a hurdle towards the progress of the country,” he says. Still, he understands that others have faced difficulties, which is why he chose to give each of his employees a half day to go to the bank. “I have multiple outlets (of pubs), so from each outlet we sent 15 people every day to get their money exchanged or get their cash problems sorted,” he says.
RAIS SAHIB, 48
Daily Wage Labourer
Rais Sahib is a painter. He lives in Film City, Goregaon and travels every day to the labour market in Khar looking for work. Some days he finds work, on other days, he just sits around. When Mirror met him, his hair and shirt was covered with white dust and he was carrying a gunny sack on his shoulders. He is not happy about the decision to suddenly remove the 500 and 100 rupee notes from circulation.
“For four or five days after the announcement, I didn’t get any work and wasn’t able to get change from the kirana store either,” he says. “It was a big problem to get food. I had to exchange my old notes for a discount because a man can’t remain hungry.”
He has found work in the last few days but hasn’t been getting his full pay, which is normally around Rs 600 to Rs 700 a day. “Luckily, I have been getting a little change somehow from my supervisor,” he says with a smile. “I am getting Rs 200 or Rs 300 but the rest of my money is a problem.”
He doesn’t have a bank account either and so hasn’t attempted queuing up to try and get change. He also thinks the government made a mistake by issuing the new 2000 rupee notes first. “If I buy food for Rs 50, the kiranawalla tells me where I will get change from? They should have brought out the Rs 500 note first. It would have been easier.”
Asked about Finance Minister Arun Jaitley’s comments that people should be patient for a few weeks, he says poor people don’t have the luxury of waiting. “For those with money, it makes no difference. For poor people, it is very bad. We are dying from starvation. After a person dies, if you give him water, will he come back to life? “What can I say? Modi sarkar has made the plight of the poor even worse.”
