A 55-year-old entrepreneur from Tardeo visited two cardiologists and underwent extensive tests before a psychiatrist from Parel's KEM Hospital diagnosed the bouts of palpitation and profuse sweating as panic attacks. Stuck with loads of cash at home, the man was struggling to sleep and breathe since the demonetisation announcement last week.
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Scrapping of Rs 500 and Rs 1,000 notes has told on people's nerves. If the long queues and short tempers outside banks and ATMs and angry tweets were not indicative enough, the city's psychiatrists have begun seeing patients—traders, small builders and officials with unaccounted cash—with panic attacks.
The Tardeo resident, whose son is a doctor, struggled with his symptoms for three days before seeking medical help. "He thought he was having a heart attack triggered by stress but tests revealed a healthy heart. It was his mind that was stressed," said KEM Hospital psychiatrist Dr Sagar Mundada, who prescribed anti-depressants for the sleepless businessman.
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Psychiatrist Dr Harish Shetty counselled an out-of-town builder who has been a "bundle of nerves" ever since some officials revised their "share" to Rs 100 notes. "He had already collected cash to give the officials when the announcement came, and is feeling cornered and helpless," said the doctor.
Another patient, a trader, has been ostracized by his family for not listening to their advice to declare his "black money" during the government's voluntary disclosure drive.
"Now, he and his wife are in absolute panic over their cash," said their doctor.
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Experts say the demonetisation drive is having the same effect as an earthquake on those with unaccounted cash. "After an earthquake, there is first an increase in the levels of anxiety which develops into a panic attack sometime later. It is a week since the announcement and the panic attacks have just started," said Dr Shetty.
With the economic ramification of the demonetisation expected to last months or years for many, such extreme reactions were expected, say experts. "Anxiety and stress are troubling people, but only a few are seeking care currently. Their numbers will increase in days to come," said Dr Mundada.
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Doctors said there are people who may not suffer any economic losses, but are worried about the future. "Our phones are continuously buzzing. There are those who want counselling as well as medication, but we explain to them that medicines can't be prescribed over the phone," said a specialist from Sion Hospital who added that several senior citizens are also anxious about the possibility of paying huge taxes or facing legal action. "I counselled a 59-year-old widow who was worried whether she would be penalized for holding Rs 8 lakh in cash," said the doctor.
Psychiatrists fear cases of panic attacks, anxiety and depression will increase as the deadline for depositing the scrapped notes approaches in December. "There is also a mood that the government may finally open some door for amnesty. But the real feeling of helplessness will set in when that doesn't happen," said Dr Vasant Mundra, consultant psychiatrist at P D Hinduja Hospital in Mahim. "People are currently attending to basic needs or sorting out ways to deal with cash issues. Visits to psychiatrists will come later,'' said psychiatrist Dr Milan Balakrishnan. An industry insider said within the medical community itself, there is a feeling of nervousness. "At least 40% of surgeons and physicians like their remuneration in cash," said a doctor.