Demonetisation Creates No Panic In Kashmir, No Rush At Banks Or ATMs

Srinagar: As the rest of the country remains in a turmoil due to the demonetisation of the 500 and 1,000 rupees currency notes, people in Kashmir have accepted the move without any panic.

"No common Kashmiri keeps large amounts of cash at home because of the disturbed situation," said Elizabeth Maryam who teaches economics in Kashmir University.

According to Nazir Qazi, an officer of the local Jammu and Kashmir Bank, all the ATMs of the bank are fully stocked. "For the last eight days there has been no rush on either our branches or at our ATM outlets."

"Yes, people have been coming in for exchange of the demonetised currency notes or for deposit, but nobody was being hassled," he added.

Muzaffar Ahmad, a college principal, said: "In a place where the protest shutdown has paralysed life for over four months, who would shoot up their blood pressure further over cash crunch?"

However, people have criticised official claims that the demonetisation move has reduced stone pelting or militancy in the valley.

Intelligence officials, however, believe that using fake currency notes is part of the ongoing militancy and doing the same with the new currency notes would not take long.

--IANS