The aftereffects of demonetization have been proving costly for millions of Indians who have been spending long hours at banks and ATMs across the country to exchange old currency notes and withdraw the new ones each day.
Daily expenses of an average Indian has taken a bad hit due to lack of currency and centre's lackluster efforts in refilling the banks and ATMs with new cash. Now, this currency ban is posing a huge threat to two of the biggest upcoming festivals which are due in a month or so.
Firstly, the Christmas followed by new year's eve will lose all its sheen as people will be having little or no money as they have to plan their finances properly in the wake of severe cash crunch. Unlike before, a majority of Indians will be on a cost-cutting measure and may not be coming out and party hard on December 31st, where thousands of crores are spent on a single night across the country every year.
The currency ban will also show a huge impact on our very own Sankranthi festival in most areas in Andhra Pradesh, where hundreds of crores are exchanged in the form of cock fights and bullock-cart racesn the twin Godavari districts. Only when the centre and RBI together take immediate remedies to tackle the cash crunch situation, will there be some light during the above two festivals.