At that time not even 2% of the population of the country was hit as the salary of the common man was within Rs 500 to Rs 2000 per month. It was only the rich and the richest who were affected and those who could not account for their money lost all their cash. Truck loads of demonetised notes were burnt in 1978 across India.
The economic situation is completely different now. However it is a good move by the Modi government to demonetise notes of Rs 500 and 1000 to flush out black money, to curb corruption but a move not well-planned and executed. New notes of Rs 500 and 1000 should have been printed much in advance in different colours and plenty of notes of Rs 100 should have been
kept ready. Now with notes of Rs 100 completely exhausted and in absence of new Rs 500 notes the general public is put to hardships to withdraw their own money.
If over the last 10 days 55 deaths have taken place across the country while standing in line to withdraw their own money, middle class and labourers have been affected badly and some businesses have come to a standstill. PM Modi cannot be called’ People’s Messiah’ and Venkataih Naidu’s remarks comparing the present situation, “It is like labour pains short-term pains but long term gains” where the woman bears immense pains but after the birth she is immensely happy does not have any relevance to the present situation.
Hearing a petition challenging the cash cleanup in the
Supreme Court the Chief Justice of India said government must be serious of the inconvenience caused to the people which could even lead to riots. The court observed “this a matter where the people are affected and we will have riots in the streets. You have scraped notes of Rs 500 and 1000 but happened to the notes of Rs 100’. The government in its reply said the money will have to be transported to lakhs of branches across the country. From the reply of the government it is obvious the move was not well- planned and not well-executed.
However the opinion of many people on new notes in denomination of Rs 2000 is not well thought step as this will be again easy to heap up and hoard black money. It is for the people to judge the demonetisation in the present form is a boon or a bane.
