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Survey
Author: Prabhash K Dutta
Publication: Indiatoday.in
Date: December 31, 2016
URL: http://indiatoday.intoday.in/story/pm-modi-demonetisation-cash-crunch-survey-social-engagement-platform-localcircles-rbi-banking-system/1/846865.html
According to social engagement platform LocalCircles, the survey's results are based on around 3.5 lakh responses and have been astonishingly the same over the last 50 days.
The demonetisation deadline, as spelt out by Prime Minister Narendra Modi, has ended but 'currency normal' situation is still weeks, if not months away.
Notwithstanding the cash crunch that still continues, an online survey done over the period of 50 days shows that support for PM Modi has not dwindled.
In the survey, conducted by social engagement platform LocalCircles, 97 per cent participants are still with Modi on the question of demonetisation.
The survey result is astonishingly the same over the last 50 days. According to LocalCircles, the survey's results are based on around 3.5 lakh responses. It also says that more than 1 lakh citizens participated in the debates and discussions on demonetisation before the final results were drawn.
% Citizens supporting the Cause of Demonetisation |
Week 18-Nov-2016 |
97 % |
Week 12-Dec-2016 |
97 % |
Week 29-Dec-2016 |
97 % |
Total Voters- |
9832 |
However, the participants' frustration showed up in the response about implementation of demonetisation. While 51 per cent citizens found implementation of note ban a good step in the second week of demonetisation, only 30 per cent were satisfied with the agencies dealing with cash crunch.
% Citizens Rating Demonetisation Implementation Good |
Week of 18-Nov-2016 |
51 % |
Week of 12-Dec-2016 |
39 % |
Week of 19-Dec-2016 |
32 % |
Week of 29-Dec-2016 |
30 % |
Total Voters- |
9832 |
A large chunk of the respondents complained about the non-availability of low and middle-value currency notes. As many as 68 per cent people said that they were yet to get a Rs 500 note.
Post Demonetisation, have you recived (from someone or bank/atm) the new 500 rupes note? |
NO |
68 % |
Yes |
32 % |
Total Voters- |
9326 |
While Rs 2,000 notes are seemingly in good supply, close to 60 per cent people said that they were not using denomination as frequently.
How are you using the 2000 rupee note? |
Not using, saving it for emergency needs |
14 % |
Using it only when it’s absolutely necessary, otherwise saving it |
45 % |
Using it often |
41 % |
Total Voters- |
9239 |
About 14 per cent stated that they were saving Rs 2,000 notes for any future emergency needs. Another 45 per cent said they were using Rs 2,000 notes only when it became an absolute necessity for them to do so.
In a way, thus, 59 per cent people reported hoarding of Rs 2,000 notes in December. And, they were not the usual suspects for black money holders.
Who do you hold most responsible for the planning and implementation gaps in the Demonetisation scheme? |
Bank |
24 % |
Reserve Bank of India |
28 % |
Prime Minister |
25 % |
Ministry of Finance |
23 % |
Total Votes - |
6242 |
Another interesting finding of the survey was that about 75 per cent people gave a clean chit to PM Modi for demonetisation troubles.
While 25 per cent of the respondents said PM Modi was responsible for demonetisation woes, others blamed the RBI, local banks and the finance ministry for the poor handling of cash crunch.
WEEKLY WITHDRAWAL LIMIT STAYS AT RS 24,000
The RBI has relaxed the ATM withdrawal limit from Rs 2,500 to Rs 4,500 a day per debit card, which is expected to give some respite to people. However, the weekly withdrawal limit stays at Rs 24,000.
There are reports that almost 90 per cent of the demonetised currency has been replenished. However, there is no official word on it.
The Reserve Bank of India has not made public the data about how much money has been infused back into the banking system after demonetisation of 86 per cent of the existing currency on November 8.
The last data available in public domain corresponds to the money supply as on December 19, till when the RBI had infused Rs 5.92 lakh crore of currency into the banking system.
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