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    Demonetisation is a Total Fiasco


    Demonetisation is a Total Fiasco

    Prof. Madhav Sarkunde
    Demonetisation has crossed over 40 days now but the deficit of currency notes is as it is across country. Prime minister Shri Narendra Modi and minister Mr Arun Jetley had assured people of that after fifty days there shall be no problem in this regard. All will be well. Everyone will get his money from their account in the banks. However, the truth is otherwise.

    After 42 days on, the cash crunch is not resolved yet at all. People continue to queue up in front of the banks and ATM booths for hours together for a piece two thousand rupee note. One day while in a queue of ATM , I caught up a snatch of conversation between two laymen ahead of me. One said, “I don't understand if our prime minister Narendra Modi has achieved anything by this move.” Other other said,” Yes yaar, I too hold the same. Modi saheb had boastfully anounced that his demonetisation drive would curb corruption in high places which would, in turn, help the poor people and boost . But nothing like this happened. Instead all that is in sight now is rampant corruption with new notes of two thousand denomination in many metro cities like Mumbai, Pune, Dehli, Kolkatta and Chennai. Crores of new currency notes are intercepted and covered from the middlemen who misadventured to exchange old currency notes of Rs 1000 and 500 for new currency notes of Rs 2000 and 500 on commission basis. They say that higher officers of banks, including RBI, are allegeday complicit in the scam.”

    Indeed the demonetisation move has turned to be a complete fiasco pushing common man into unnecessary money crisis. Modi had gloried in his exercise of demonetisation saying that that would unmask those who stashed away black money. This also turned out a pipedream. Ironically, the demonetisation programme has totally failed even so Modi Sahib asserts that it is going well and India is passing through an unprecedented economic transformation. He leaves no stone unturned to hit out at all the leaders of other parties with the Congress his main target. It looks that our prime minister lacks knowledge of how million of the poor live in the remote villages and evidently far robbed of all fruits of modernism. One cannot ride a cycle properly and Modi Saheb asks him to fly a plane. This is absolutely impractical. He insists that all transactions must be cashless. It is never possible in a country like ours where almost all 70 % retail businesses are carried out in cash only, then on such background if someone gets assertive for cashless society it is beyond Ken. We gather from the things that India is inching towards despotic rule

    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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