mangaluru the demonetization of currency notes of rs 500 and rs 1000 denominations by prime minister narendra modi on tuesday had a telling effect on the general public on wednesday with both banks and atms being closedthe move was aimed at curbing the negative impact of fake currency black money corruption and terrorism on the nations economy left public in a hopeless position during lunch hours while getting fuel or getting medical aidprivate hospitals refused entertain the demonetised currencies saying they have not got any instructions from the district health officer the dho said that he had no instructions from the state however with section 144 in place due to tipu jayanthi celebrations on thursday the footfalls at the hospitals was less those who had pay bills were given credit if they were regulars or were asked to give an undertakingthere were long queues at all fuel stations and some got shortchanged as the bunk personnel did not have change for the demonetised currencies most of the vehicle owners especially two wheelers got their tanks filled up for rs 500 if the capacity allowedshops business establishments refused to entertain the demonetised currencies and bakery owners were worried of what impact it would have on the festive season next month if the confusion was not cleared soonperhaps after the nationalization of 14 major commercial banks way back in 1969 by the then prime minister indira gandhi this is the most significant event in the economic history of india said norbert lobo associate professor and head department of economics at st aloysius college it is a very powerful move taken by pm modi to curtail the black economy no doubt in the immediate future common people particularly from rural areas will have to face a lot of hardships the real magnitude of these hardships will depend on the corrective measures to be adopted by the banking sector in the next couple of days he saidon the positive front lobo said over a period it will give a sharp boost to all formal channels of payment like banking use of plastic money and other financial institutions that will trigger rapid economic growth he also foresees that inflation will go down rupee will strengthen real estate prices will fall leading to deflationary impact in general the move will also promote cashless and paperless economy in future thereby puts a curb on money laundering and counterfeiting and drastically reduce corruption and bribery he noteddharmendra b mehta cmd allegro ventures india welcomed the decision saying that it will give them a level playing field by insulating them from those manipulating the system with their black money most of the builders in tier ii do white transactions so this decision will have no impact but it will weed out fly by night operators who were spoiling the market this will make the trade better and raise customer confidence and make industry truly an organised sector he saidhe also said the cost of apartments may come down we