24 Apr 2019  |   06:06am IST

A revelation on demonetisation

V.Viswanathan


Till the last phase of general elections 2019 gets over, there’s no escaping the fact that both the ruling and opposition parties would continue to exchange skirmishes on ‘demonetisation’ unleashed upon the nation by Prime Minister Modi on Nov 8, 2016. 

Taking neither side, let me recount the experience of performing my daughter’s marriage in the immediate aftermath of the big ‘D’. At the end comes the stunning revelation on the real impact of ‘demon’.  

Caught unawares like every other citizen with hardly any cash on hand, I was worried as to how I could grasp a few currency notes from my own bank account, at least to meet some of the sundry expenses that a marriage entails. The government had set a special cash withdrawal limit of Rs 2.5 lakh rupees for family marriages but with a googly.  An exhaustive documentation work had to be completed listing out the names of parties to whom cash was to be disbursed, enclosing declarations from the parties that they do not have bank accounts, etc, etc.  It was just an alibi for saying, ‘Sorry dear, Best wishes for your son/ daughter’s wedding but no cash from the bank.’ So I started running from pillar to post… nay, bank to ATM.

In weddings performed in our community, it’s a tradition that close relatives present cash gifts in an envelope through the head priest who’d proudly announce to the gathering the name of the person gifting and the amount contributed  like, ‘Uncle Mali – Rs 1001, Aunt Chindu – Rs 501’ and so on.  The money will be accounted for and reconciled by a dedicated member of the family, usually a bank employee, wielding a cash bag, a 40-page note book and a pen. 

Due to severe cash crunch, the invitees had a genuine bother - ‘How and how much to give away to the couple, post the ‘knot-tying’ wedding ceremony?’  There were many requests to me, some in a lighter vein and many downright practical, to install PoS gadgets, so they could swipe credit or debit cards.   

Given the situation, a good number presented by way of cheques and gift articles. Those who decided to stick to ‘cash’, come what may, faced a big dilemma. With the erstwhile Rs 500 and Rs 1000, it was an easy choice. Majority would opt for Rs 500 and a few, Rs 1000.  With the new 500 rupee note not yet available in circulation, all that the attendees had was the colourful 2000 rupee note which was too high a denomination to part with. 

In the final analysis, I could discern that those who wanted to gift Rs 1000 rose to the occasion by several notches with the 2000 note and those who intended to give Rs 500 settled for one or two of hundred rupee notes. That squared off and I can proudly declare (sans politics!) that demonetisation had no adverse effect on my daughter’s marriage gifts portfolio! Rather it gave the guests an excellent topic for discussion and bonding!

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