If Petrol pumps refuse old currency, tell us, says government

New Delhi : In a bid to flush out ‘black money’ from Indian economy, Prime Minister Narendra Modi on Tuesday barred usage of old currency of Rs 500 and Rs 1000. The whole idea turned into a chaos after gas stations and other retailers refused to accept larger bills on Wednesday, with banks and ATMs closed.

From midnight, the only option to utilise the old currency is to either use them at gas stations, hospitals, ticket counters or getting them replaced via bank with the new currency of Rs 500 and Rs 2000.

While many claimed that government must had given ample time to common people before going for such a big move, the analysts maintained their view - the effectiveness of the whole idea lies in its sudden implementation.

"Life is going to become difficult for all from the poorest to the richest" regardless of whether they had declared their wealth or not, columnist Swaminathan Aiyar told news channel ET Now.

Petrol Pumps run by state companies will have to bear severe punishment if they trouble common man by refusing old currency to give petrol.

Petroleum Minister Dharmendra Pradhan said people can contact him on twitter (@dpradhanbjp) to complain about any gas stations breaking the rule.

ATMs and banks will remain closed on Wednesday and Thursday as they prepare to tackle the flood of people looking to exchange their old currency.