To quote Josiah Stamp “But if you want to continue to be slaves of banks and pay the cost of your own slavery, then let bankers continue to create money and control credit”.  Bank interests have been lowered so industries can get low interest loans. Mahatma Gandhi said any changes the government makes must be made keeping the poor and weakest sections of society in mind. People who survive on bank interest like non-pensioners, senior citizens, disabled etc are hit. Demonetization affected every single person in this country, where around 70% have been hit where it hurts most by this surgical strike which was aimed at black money extended to cashless society and digitisation. All are mandated now to become slaves to banking and digitised systems! Most of our money will be with the banks, monitored with inspector raj back in vogue. Today power and status stems from money. Totally cashless society is dangerous since government on any excuse can immediately render anyone anytime on the streets by freezing relevant bank accounts! The RBI is reportedly resorting to making Minutes of its board meetings secret, citing “protection of country’s security and integrity”. This is also dangerous as decision making in the greater interest of public is rendered out of bounds for public resulting in loss of transparency and accountability!

 A national Television channel broadcasted live demonstration of computer specialists successfully hacking into a bank. In February 2016 hackers sitting in unknown corners of the world were able to transfer $101 million from Bangladesh’s central bank to fraudulent accounts in Philippines and Sri Lanka. By appearing complicit with the government’s intensions, the RBI has reduced its stature. 

Goa was ordered to completely switch to cashless transactions by end December 2016. The numerous changes/ instant legislations being issued almost daily since demonetising Rs 15.3 trillion (almost 86%) from the economy and inability to replace the notes quickly and efficiently confused everyone including the bankers themselves! Today banks flush with funds have become full time note changers as shortages in cash continue! Once restrictions are lifted people would like to be free to draw their money as required and not as government requires?

 Let us practically review the common man’s normal dealings with banks which work with Sundays off and also first and last Saturdays. Their timings are practically 10 AM to 2 PM with lunch and tea breaks. I find the pass book updating machine not working five out of eight times! Not to mention the matter of connectivity that worries everyone from banks to students. With servers regularly crashing or overload slowing down the system, some people were already wondering whether cash in bank is an asset or liability. Without computerisation in the days gone by I never needed to check my pass book. Nowadays the need is routine and mistakes where there should be none. I generally find fewer bank staff are knowledgeable, courteous and polite, and invariably land up with the manager who seems to be scared of the bank unions to either pull them up or give them a show cause notice when they are at fault! 

The raids by the Income Tax and Enforcement Directorate officials, the collusion of rogue bank managers and staff that have made headlines in recent time shows that tax evaders and money launderers are not unduly fazed by demonetisation. They continue to deal in black money in new currency. In fact with the Rs 2000 notes it has become much easier! No one denies benefits of digitisation and less cash society but that must come with reliable infrastructure and top down zero toleration for corruption. Incidentally the rationale of Rs 2000 notes replacing the Rs 1000 and Rs 500 notes because value of demonetised cash could be replaced faster shows lack of ground realities!

 With accelerated digitisation, it appears the government will inconvenience the general public further. We are known for “Jugaad” which is recycling the old in creative ways to last. Industries and the banks which sponsor them will not like this! India must not become a throwaway and polluting society with wasteful consumption to boost industry and jobs. With the government controlling RBI and the banks, there is the distinct possibility of forcing them to give popular loans and freebies or writing off loans for political reasons and NPAs increasing. The carrot of retributive justice on the affluent and corrupt, sops starting bank accounts for the poor and promises of “acche din” have given them great hopes of financial inclusion. Banks have to handle fantastic increase in bank accounts, handling of illiterate clients banking for the first time and uneducated in banking procedures and norms.

 Like the fallout of demonetisation, no one can predict what the fallout in 2017 will bring. The world order and economies are in turmoil and they are watching the Indian experiment keenly. We want to live our lives without fear in peace and harmony. History teaches us that the ability of a democratically elected government to design, manage and dominate a certain strategy of its own without discussion and in secrecy without a viable opposition must not be allowed to happen! We must not passively agree to live in a kingdom where animal economics and behavior get priority! Justice must reign without fear or favor and 'We the people" by our votes in this election and follow up thereafter have to ensure this.

(The author is a retired naval officer and Freelance  writer.)