Demonetization - Will common man have the last laugh?


Special Correspondent
Daijiworld Media Network - Mangaluru

Mangaluru, Nov 20: Two unexpected developments of November 8 stumped the world beyond imagination. For those Indians who were keenly awaiting US presidential election results with bated breath cursed Narendra Modi’s when he silently walked in and disturbed their concentration. Modi addressed the nation on television to make that dramatic announcement on demonetization and stole the thunder. Those who were irked initially with Modi’s sudden ‘intrusion’ woke up to the reality when Modi announced at 8 pm in a television address that day to tell that Rs 500 and Rs. 1000 notes will not be legal tender any more. The masterstroke shook Indian masses out of their slumber and sent in a wave of panic people began running to the nearest ATM’s and jewellery stores to convert black money into white. Panic, confusion and chaos has followed since then. Just like Americans who are still in perplexity unable to accept Trump’s victory, most Indians are still grappling to come to terms with the situation arising out of demonetization.

It has been 12 days since Modi government announced the masterstroke of demonetization and though the initial chaos and confusion has eased to some extent due to a series of measures by the government, the administrative measures initiated to deal with the crisis, have fallen terribly short. There is still a lot of uncertainty and it has created untold hardships to all sections of society especially to the poor. India had demonetization in 1946 and 1978 and as such for most Indians, especially the younger generation the very word demonetization and its consequences were beyond imagination. Like the word ‘surgical strike’ which became a catchphrase following the retaliatory response of India to Uri attack, the word ‘demonetization’ will surely etch in public memory having felt the real impact of it.


Common Man not failed by demonetization

Let us now come to the basics. Since demonetization the nation has witnessed an array of emotions - from high pitched accusations to filthy abuses and fabricated untruths, depending on how it affected individuals and political parties. The media did help in its own way trying to disseminate correct information about demonetization. It also highlighted the woes faced by people all these days and in some instances there were attempts to sensationalise common man’s hardships. Long and serpentine queues in banks and in front of ATM’s, shortage of cash in banks and ATM’s, altercations in banks by citizens, non-cooperation by bank staff in some places, non availability of new 500 and 1000 rupee notes, difficulty in getting required change for the new 2000 rupee note, hospitals refusing to accept old notes, non-functioning ATM’s, death of people waiting in queues waiting in banks/ATM’s, woes of those having functions like marriages - were some of the daily highlights in most media. (The government now need to investigate how Janardhana Reddy could carry on with his Rs 500 crore extravaganza wedding of his daughter). Common people also had to deal with the misinformation campaign let loose on social media by disgruntled elements and all those who were affected by everything black. In reality, prevailing mood indicates that the common man has nothing to lose and has welcomed it as a good move by the Modi government. Only those who had bundles and bundles of black money were panicky, frustrated and angry and they vented the anger on the government. This is what even the government expected and wanted.

The middle class was equally confused as well. With 500 and 1000 rupees notes accounting for 85% of the total currency in circulation in our country, demonetization is sure to affect every individual in the country. Those who initially welcomed it as a gutsy move began to question the decision of the government as days passed when they got exasperated standing in queues and being cash-strapped. It was then the politicians stepped in having sensed an opportunity to exploit and instead of evaluating the move on its merit have been critical of the government’s move. Suddenly our politicians have developed extraordinary love and concern for the common man. Even those parties who were staunch critics of corruption earlier have been the most vocal opponents of demonetization even though the move is aimed at curbing black money. Even those individuals who had earlier spoken fervently against widespread corruption and black money began to find fault with this decision of the government.

It cannot be denied that the administrative machinery fell short in its preparedness to face the situation. Compared to rest of the country the situation in this coastal region is much better because we have banks and ATM’s at every furlong. There could have been little more planning in the implementation aspect which could have gone a long way in reducing the inconvenience caused. Separate arrangements should have been made for senior citizens and specially challenged people in the banks. The RBI should have ensured adequate supply new 500 and 1000 rupee notes ready to deal with the demand. Though the government claims it has released them till this day new 500 and 2000 rupee notes are not available even in banks in Mangalore. Mobile banks should have been pressed into service within two days to help farmers and rural households to tide over the crisis. Of course, it cannot be denied that the government had to work under certain limitations. There was no way the government could make foolproof arrangements considering that maintaining utmost secrecy was the need of the hour. Recalibrating ATM’s in advance would have given rise suspicion and the entire move would have become an exercise in futility.


Accusation of Selective Leakage

In this age of social media rumours and half truths spread faster than fire or we can say facts. Some politicians were in the frontline accusing the government of selectively leaking the information to big business houses. Let us not name any business house but evaluate whether such a claim is a possibility. Such accusations without proof are commonplace in our democratic system and therefore it is for the people to remain sceptical and exercise their judiciousness before coming to a sudden conclusion. May be accusing the government on this count was the only the panic button which affected people could use unless they come up with evidence to support their claims. .

Moreover, considering the impact of this move on the economy, Modi government would not have gambled with such a move of selectively leaking information because it would lead its entire effort redundant. Modi would have not have taken the risk of such a suicidal move considering that his every move and every word he utters is under radar. If at all he has done it and if the opponents are able to produce real proof (not fabricated) then Modi and his government would lose their credibility once and for all. Till then give the government the benefit of doubt and let us wait and support the government in its effort to cleanse corruption and black money.

It is an opportunity for the common people to have the last laugh and see the discomfiture of those who have been playing havoc with our country’s security and economy through black money. No doubt, demonetization is a short term pain and we can expect good gains for all the long run.

  

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Comment on this article

  • J.F.D SOUZA, ATTAVAR,MANGALORE

    Tue, Nov 22 2016

    The latest system introduced by Central Govt. is good. Only the thing is we have to adjust and see the results.

    DisAgree [1] Agree Reply Report Abuse

  • Shridhar, Mangalore

    Tue, Nov 22 2016

    I think after builders and traders the professional s like Doctors, lawyers and Chartered Accounts are the biggest black money generators. I never found the specialist doctors giving receipt for the consultation fee.

    DisAgree Agree [2] Reply Report Abuse

  • Af,,, mangalore

    Mon, Nov 21 2016

    Iam still cursing govt and RBI not introducing 200 ruppee notes first.this change probelm not would have been arrised. brainless people.

    DisAgree [2] Agree [7] Reply Report Abuse

  • Vishal, Mangalore

    Mon, Nov 21 2016

    Even if we concede that this move is going to benefit the country - I hope it does - we can be sure that this will be a very long process. It could be years before we are able to benefit from this but till then the business will go to dogs. People from all walks of life are bound to suffer. I only hope the government did not miscalculate the repercussions.

    DisAgree Agree [2] Reply Report Abuse

  • GKL, BLR/Bantwal

    Mon, Nov 21 2016

    This move will directly benefit common man in the long run as poor man has only a handful of "High Denomination" 5, 10, 15, 20 or may be 100 or 1000. This move is targeted at those hoarding this currency in Lakhs /Crores and is now stuck with them.

    DisAgree [1] Agree [2] Reply Report Abuse

  • Aam Indian, Mlore/Bahrain

    Mon, Nov 21 2016

    All those who think that it is a good move are living in fools paradise. This move will take India to stone age.The country is brought to stand still by this fool and there is no hope that from here on we have any way out from the disaster. Reversing the situation have even more pain and agony for common man.Today all the black money holders are having the last laugh because they already have found ways to convert their money. They are now making arrangements how they can store the Rs.2000 notes.
    The irony of the present situation is Government has taken the money from the poor and writing off bank debts of rich like Mallya. They are not allowing to withdraw the legal money that the poor people have put in the bank and this trust deficit of banks will prevail for a long time to come. The daily wagers are not able to work because they wont get paid. Shortly there will be riots and ransacking of shops for want of food by the poor and I forsee utter chaos in India in the coming days.
    All you Modi Bakhts will also pay for your blind support to this rogue who brought this country down to nothing.

    DisAgree [7] Agree [8] Reply Report Abuse

  • Shabz, Mumbai

    Wed, Nov 23 2016

    "Iam not Sure wthere Modi ever Sold tea, but I am very sure he is selling out the whole country today" - Raghuram Rajan.

    DisAgree Agree Reply Report Abuse

  • Wilson DSouza, Moodbidri

    Mon, Nov 21 2016

    Thanks Daiji for writing a very informative article on present situation. Common people have shown that they cannot be taken for granted by opportunistic politicians ...

    DisAgree [1] Agree [6] Reply Report Abuse

  • Vishal, Mangalore

    Mon, Nov 21 2016

    The stock market is said to the barometer of an economy and the way stocks are tumbling, I am afraid a lot of pain is ahead of us. Like this writer, I too would want to believe that this is a good move by the government but a question I have not been able to find an answer to is, how can this demonetization help in doing away with corruption. Whether we have old notes or new notes or whether the currency is of Rs 500 or Rs 1000 does it really matter to the person who receives bribes? Greasing the palms will carry on as long as there are people to demand bribes and as long as there are people willing to give. If we are really interested in the welfare of our country, we should put our foot down and just refuse to give bribes. Yes, for sure we will not get our things done in the government offices, we will face difficulties but are we really ready to face that? The real test lies there. Don't give bribes and expose the persons demanding bribes. That is the only way we can stop the proliferation of black money. Unless that is done, I am afraid no amount of demonetization is going to help.

    DisAgree [2] Agree [5] Reply Report Abuse

  • David Pais, Mangalore

    Mon, Nov 21 2016

    do hajar ka 2000 chutta hai.

    DisAgree [1] Agree [2] Reply Report Abuse

  • CONRAD JOHN TAURO, SHIRVA/UDUPI/DUBAI

    Mon, Nov 21 2016

    Last Cry...

    DisAgree [4] Agree [5] Reply Report Abuse

  • readerwriter007, pune

    Mon, Nov 21 2016

    Looks all the panic situations have come down drastically and common man's life is almost back on track. except few villages which will also settle in a day or two. Now this whole drive leaves the blackmoney holders sleepless. it's they now breaking their heads looking for all the loop holes to convert their black money. Also it's obvious that while doing so most of them will be caught. Already happening, cash found in cars, luggage bags, parcels, floating on revers, burnt... with in a month such a drastic turn around. People say again it will start etc etc... but something has been done which no PM was dare to do till now... So, than scribing how it will start again, some are using middle/common man to convert their black money... let all those be exceptions. For a while whole world surprised by the master stroke by the PM. I am sure who ever crying, scribing are not the commom men, it's all people who are it by this move. Definitely next move will on real estate and gold. Come on Modi...

    DisAgree [7] Agree [9] Reply Report Abuse

  • Rajesh Shetty, Mumbai

    Mon, Nov 21 2016

    Don't you think that after 6-12 months this new currency will again be converted into "black money" ? There is every reason that these new currency notes will again be demonetised in 12 months time.

    This demonetisation exercise will cost the Govt. anything between 10,000 - 15,000 Crores which is a total loss.

    One good reason for demonetisation could be the forthcoming UP and Punjab Assembly elections. In the Bihar Assembly elections Amit Shah is supposed to have pumped in about 15,000 Crores.

    DisAgree [12] Agree [34] Reply Report Abuse

  • kala bairava, Kavoor/Bangalore

    Sun, Nov 20 2016

    Good Article.
    well articulated, evenly balanced and matured observation.
    It shows that Large media houses are either biased or Sold.

    DisAgree [14] Agree [74] Reply Report Abuse

  • Ramesh Salian, Mangalore

    Mon, Nov 21 2016

    Kala Bairava , do you suggest that the social media has been bought up with using "black money " ?

    When i take a Rs 1000 note ( unaccounted note ) and buy a cinema ticket or have dinner in a restaurant doesn't the Govt. earn money by way of tax ?? Is it then called " black money " too ??

    DisAgree [7] Agree [17] Reply Report Abuse

  • Roshan, Mangaluru

    Sun, Nov 20 2016

    Time immemorial common man always had/ always will have sorrow, not last laugh. Only difference they had is hope and hopeless.

    People saw hope in Modi, so voted for him. Soon they realized, he is man of marketing and fake encounters. Every UPA policy which BJP and Modi opposed, is grandly continuing as if they invented yesterday. People are fooled and they realised it lately now.

    Money minted by RBI is always white money. There can only be counterfiet to that.

    Black money is a result of big industrialists and business man not willing to pay taxes. There is also a reason for that, when a builder says to a man buying a flat, pay 60percent in white, rest in black, so that you can save 10percent cost. Mostly all middle class will go for it. The 10percent, what they save is big amount for them. To save additional INR3lakh which is in taxes, for a middle income family it could take 3years of additional loan. That is black money.

    Companies under invoicing and importing - that is black money.

    Modi has done nothing here. He targetted middle class - who save whatever money in their grain boxes. That is the money which is now useless, as many a times this is in INR500 or so.

    With Reddy spending 500crore on his daughters wedding, it is crystal clear to anyone - it is middle class that is crying and last laugh continues to be with the corrupt. Only difference is they are now much more respectable.

    DisAgree [37] Agree [151] Reply Report Abuse

  • Amith, udupi

    Sun, Nov 20 2016

    My opinion : If Modi wanted to catch Black money hoarders or tax unaccounted money ..he would not have said that you can deposit upto 2.5lakhs without fear ..only amounts above 2.5lakhs will be investigated ..If intentions were soley to nab culprits ..He should have told please deposit all 500 and 1000 notes in bank accounts ..then after december 30 deadline IT could have nabbed all defaulters ...his only intention was curbing fake notes and recapitalisation of banks ..but he never dreamt 86% indian economy runs on cash on a daily basis ..

    DisAgree [28] Agree [114] Reply Report Abuse

  • Steve, Bangalore/Dubai

    Sun, Nov 20 2016

    By far this is the most balanced and sensible piece of article written about demonetization. I have first hand feedback from several common people including farmers and rural that they have had hardship and struggle, but they are willing to bear it and support the Country in it's initiative to cleanup black money, fake currency and corruption. It's a bold move by our PM, specially when elections are at the doorstep in some States.

    DisAgree [67] Agree [58] Reply Report Abuse

  • Kumar, Udupi

    Sun, Nov 20 2016

    Only those who had bundles and bundles of black money were panicky, frustrated and angry and they vented the anger on the government. This is what even the government expected and wanted. - Well Written article by Daiji.

    DisAgree [85] Agree [70] Reply Report Abuse


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