As there is chaos and turmoil in other parts of country due to demonetisation of Rs 500 and 1000 currency notes, people in Kashmir have remained mostly unaffected and no long queues are being witnessed at banks or at ATMs.
People in Kashmir are exchanging the old notes at bank branches with ease and without having to face any inconvenience. Besides, there are also no long queues at ATMs to withdraw money.
“I had to wait for 5-10 minutes in a queue in a branch of J&K Bank at Lal Chowk Srinagar to exchange the old notes of Rs 500 and 1000 valuing Rs 2000,” said a youth Liyaqat Ahmad.
He said he did not face any hardships in exchanging the money. “Thank God, there is no chaos here,” he said. People are also withdrawing money from ATMs without having to wait in queues.
“I withdrew Rs 2000 from ATM without having to wait for queue as is the case outside the State,” said Sajjad Ahmad, a government employee.
Prominent businessmen and civil society member, Shakeel Qalandar, said there are many factors for Kashmir not witnessing any chaos due to demonization announced by Prime Minister Narendra Modi on November 8.
“The State has got workforce of about 42.5 lakhs. They are all salaried employees and 90% of them maintain bank accounts. The salaried class gets monthly wages through bank accounts.,” he said.
According to Qalandar, after eruption of militancy in Valley in 1990, people are maintaining the bank accounts said. “Whatever money we have got is accounted for”.
He said because of the ongoing over four-month long turmoil in the Valley, people have exhausted the cash. “Whatever cash people had, they have exhausted it in last five months”.
The businessman said the bank connectivity and reach of ATMs has ensured normalcy in the Valley after scrapping of Rs 500 and 1000 notes.
“We have 2000 bank branches across the Valley apart from post offices. Besides, there is large network of ATMs to cater to the population,” Qalandar said adding people here have now become habitual of keeping the plastic money.
Kashmir’s leading economist, Prof Nisar Ali said business activities are going on as per routine outside the State while in Valley these activities have been put on hold due to over four-month long unrest in the Valley.
Kashmir has been witnessing unrest and shutdown since July 9, a day after killing of 21-year-old Hizbul Mujahideen commander Burhan Wani in an encounter with security forces in South Kashmir.
“On the market, public pressure is very little and the banking counter pressure is obviously very negligible,” Nisar said.
He said there is no surprise behind no chaos at banks or long queues at ATMs in Kashmir.
“It is because our economy is on hold,” added Nisar.
