From the time PM announced ban on existing 500/1000 Rs notes, each one in our house hold of 2 persons are busy how to run our kitchen on limited numbers of Rs 100 notes we had. We tried to stand in line for exchange of old banned notes in a Bank (which Bank is immaterial) but after one hour we came back home without new currency - only to try next day when I was successful to obtain 2 nos Rs 2000 new notes - only to realize that I cannot spent it since the local grocer did not have enough small old notes to return me balance amount.
We also tried to withdraw from ATM's but 2 out of 3 ATM's in our area remained closed and the SBI ATM which opened ran out of cash within hours.
While I endorse the laudable efforts of our PM and we expect good results from it control on extremist and terrorist activities, black money, and fake notes, I think proper thought was not given as how to implement the exchange of High Denomination (HD) notes. I feel following should have been adopted :
1. Sufficient new notes should have been sent to all branches of bank for exchange and payment purpose from 10-11-2016. Opening additional number of counters for exchange which was not much visible needed to be ensured. Small post office branches should have been activated too.
2. New Rs 100 & Rs 50 notes should have been printed in enough numbers to reduce expected shortage when these notes were to be only legal tender in the market in absence of Rs 1000 & 500 HD notes.
3, ATM's should not have been closed for reconfiguration during first 10-15 days as it is a time taking work, could have been closed only for 1 or 1/2 day to replace HD notes with Rs 100 notes - thus keeping uninterrupted the easy cash withdrawal facility from 2 Lakh ATM's across the country.
4. Withdrawal limits from ATM could have been kept as per quantity of Rs 100 notes ATM's could handle - say Rs 1000 per day.
This arrangement would have made 2 channels for payment new notes in banks and old notes from ATM's. Please note despite having new notes I am looking for withdrawal of Rs 100 notes may be from ATM's & exchange with new notes has not immediately served any purpose for me. Wish some one had put some thought after keeping himself in the position of a common man, though great are our people who are endorsing the note ban despite the hardship being faced by them.