Khawbung, Nov 18: Residents of Khawbung village in Mizoram have come up with a novel idea to cope with the scarcity of Rs.500 and Rs.1000 notes, which were banned by the government on November 8.
The villagers have started using pieces of paper as promissory notes to cope with the situation, said reports.
These pieces of paper have the amount mentioned on them along with issuer's signature. The residents of the village began using this system from Saturday and greatly reduced the inconvenience with this novel idea.
"Such a system of financial transaction is practical and possible only in a close-knit society like that of the Mizos and, that too, only in villages," Northeast Today quoted one of the local activists, Mapuia, as saying.
He said that people know each other and are assured of the fact that they will not be cheated.
The government's move had become a major inconenience for the people, who have been queuing up in front of banks and ATMs for lower denomination notes across the country.
Prime Minister Modi, had on November 8, announced that all Rs 500 and Rs 1,000 rupee notes would cease to be valid in all forms of transactions in a bid to tackle hoarding of black money, corruption and terror financing.