It’s been more than 2 weeks since the government of India has announced their idea about scrapping the old currency of Rupees 500 and 1000 as the legal tender. So, what truly has changed in the last 17 days apart from stupidity of Arvind Kejriwal? And, what actually needs to be changed in order to achieve the true reformation of this nation in terms of the expenditure of money by the common citizens?
I would like to quote some of the positive statements by very learned and known economists. Let’s see what’s their opinion towards such a revolutionary steps by the central government. Dr Subramanian Swamy kept his views on demonetization on 18th of Nov,16 at a conclave in Hong Kong , ‘We have achieved 50% of the objective in large part in my view from the demonetization. Practically all demonstrations in Kashmir have stopped, even though the Kashmiri government has done nothing new to pacify the people there. Through demonetization, we have knocked out the counterfeit printing of Indian currency by Pakistan, which was done with the aim of funding terrorism in Kashmir’. On top of it, he believes that abolition of income tax will further give relief to common tax-paying citizens.
“It is a well thought out move that can wipe out the stock of money generated by the parallel economy,” said A. Prasanna, Chief Economist at ICICI Securities Primary Dealership. Similarly, Murthy Nagarajan, Head of Fixed Income at Quantum Mutual Fund, said, “This is a long-term positive for the debt market and may lead to rate cut of 50 basis points.”
So, why such hue and cry if it is such a big and effective measure against the black money? Why our ex-PM believes that it’s an organized loot and monumental mismanagement?
The reason is simple like Dr. Swamy said that the government should have prepared a contingency plan so that the ordinary people, particularly in far-flung areas, do not suffer following the demonetization. My 2 cents to that opinion, but who could have been considered as that trustworthy for not revealing such an idea before implementation. The Prime Minister of India knows the fact very well that he is riding a Lion. He is ruling a country, where corruption and dishonesty has been injected slowly and morally into the citizens over 2 to 3 decades. Entire political race has become corrupt to the core.
This nation has seen a lot of growth in terms of science and technology, but at the same time the gap between rich and poor grew exponentially with time. The erosion of values and degradation of morality has been historically considered to be the major causes for the downfall of many civilizations. The enormous black money in this nation is the result of the politicians and bureaucrats with low morality, who left the nation to rot in hell in the long run just for the sake of their own financial well being.
Political parties in opposition are playing their own game in current situation. Their sole agenda is to prove the inefficiency of demonetization by highlighting the negative sides of it. It doesn’t matter whether they truly understand the meaning of such move and its subsequent impact over the country like India. We are a shining nation with heavy potential to lead the world, but the lost values has made us self eccentric and obsessed. And that’s the sole reason that we are still lagging to provide the basic living capabilities to more than 30% of the population.
Media has their own likings and reservations about every decision taken by the government. NDTV is giving their best endeavor to demean the government by spreading negative propaganda and lies among public, who are standing in long never ending queues of bank ATM and cash counters. Zee News will speak in the favor of BJP government irrespective of whatsoever decisions are being taken. Similarly, every channels are reporting as per their own comfort and convenience. So, what should we actually watch to get the news without contamination? My recommendation would be to go for DD News, Loksabha TV and Rajyasabha TV. They provide you the news in real sense and their discussions are public eccentric, which is the need for an hour.
As a citizen from an urbanized India, I am not as affected as the rural India or in fact not at all affected by such brave stunts of central government to scrap the higher denominations. Most of the household needs are fulfilled through the card transactions or meal coupons like sodexo. The only place where I need to show the cash is the weekly vegetable market, where all the traders are from nearby villages and they cannot go cashless as of now. I mean they don’t look prepared for it as of now. Forget about knowing the significance. I have seen people standing in long waiting queues without food and water for hours in a hope that they will get some legal currency to fulfill their daily needs. It’s not their fault if they do not have the bank accounts or if they don’t know the importance of card transactions.
I respect the great intentions of our honorable Prime Minister Shri Narendra Modi to curb the black money and the evils associated with it. From day one of his government, he has been consistently encouraging the citizens of this country to get themselves familiar to the banking system through Jan Dhan Yojna. He also encouraged people to go for insurance by launching several schemes. He opened the schemes like Atal Pension Yojna for the people working in unorganized sectors. But, this demonetization has shown the real face of our banking system. It shows that how unprepared we are to tackle a crisis situation. I have seen all the very famous markets, which are known for their high volume sales during winter season and now can be seen sitting silently in agony without any crowd.
The traders, who mostly deals in cash with farmers are in trouble because of the cash crunch. They don’t have enough cash to give the wages to workers or to the farmers. Over the news I heard our Finance Minister saying that government is pretty serious about the rural areas. Yes Sir, you really need to hurry up and make their lives comfortable. In cities, people like us need the cash mostly to satisfy themselves psychologically otherwise if we pledge not to panic then for sure some needy people may get their chance to get the cash. As a true lover of my country, I wish that the poor people should not suffer because of this move and demonetization achieve all the success it is meant to.
By : Nilesh Ranjan