The Governor of RBI stated on December 7, 2016 “Demonetisation decision was taken after detailed deliberations and not in haste, while 11.85 lakh crores or 80% of jinked notes have come back into the system”. The Governor of RBI seems to be forgetting as to why the people or the common man should stand in queues to withdraw their own money from morning to evening and sometimes even go back empty handed even after a month since demonetisation.
It should have been the prerogative of the RBI Governor to keep large sums of smaller denominations Rs 100, 50, 20 and 10 ready. What is the use of getting the money in the system at the cost of hardships and over 88 deaths of poor people while standing to withdraw their own money?
In July 1976 Israeli commandos raided Entebbe Airport in Uganda and brought back Israeli citizens who were held hostage by the Idi Amin regime and Israel lost only one commando Jonathan Yoni. Mrs Golda Meir the Ex PM cried bitterly for the loss. Such is the compassion and respect Israel has for its citizens.
However, it is pertinent to note in Voluntary Income Disclosure which ended on 30.9.2016 and now raids by the IT sleuths revealed huge sums of money in lakhs of crores in demonetised notes, gold, jewellery and lakhs of crores even in new notes of Rs 2000 have been found with politicians, apart from businessmen, builders and bureaucrats. What is interesting is to take a serious note how these big fishes managed to exchange demonetised notes and get the amount in new notes of Rs 2000 in lakhs of crores of rupees when a common man has to strive hard just to get a few thousand rupees.
A move to introduce cashless system where 65% of the masses do not have bank accounts will never work in India. What India requires is anti-corruption, anti-bribery laws and amendment to the existing recovery laws as suggested by the Banker’s Association. Another suggestion of the Banker’s Association is government should make public names of defaulters of large bank loans which have pushed up the Non Performing Assets of the Banks. If the PM says he is for poor masses of India then he should in principle work for the betterment of the masses. In no way the present harsh demonetisation has helped the common man and it can never be termed as a Boon. It is a Bane.
