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Demonetisation - one year later

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Voice Of Bengal::Politics
S Mitra


Demonetisation year later

This November 8th will mark one year anniversary of Modi's “Demonitisation” to root out corruption effort. Well, the reason for demonetization was many which started with starve terrorists or Jihadists with counterfeit money, to root out corruption, to make India Digital India and so many. The bottom-line - it was bold effort which yielded nothing other than pain for most. We had a few cases of corrupt guys got caught but millions suffered to withdraw their own money from bank and it was like proven guilty first and to be cleared your name later kind of policy. It was strange to keep it so private (though BJP party members knew and acted upon beforehand) and never thought of implementation strategy that it will make it a "Tughloki day" for our modern history. ATMs not adjusted to disburse our new Rs 2000 note because its size was “a little too big” were a perfect example. We were rationing money up to Rs. 24,000 per member per week for a while - a phenomenon not a developed or developing country should see, We canceled 85% of the notes circulation - only to get back all of them and still counting after 1 year - what a big achievement!

The other thing demonetization did was to crush the business as usual. Some might say that is good but a majority (more than 95%) of businesses - particularly small businesses sector work on cash which was sucked out of the system. So, it was creating havoc job losses for ordinary people like daily laborer, sobjiwala, etc. and small businesses who employed most of unorganized sector of India's labor market. For days - these people lost their daily wages or benefits. What did they have in return? Anything?

The poor and phased implementation - like all the people who had black money bought gold for next few days, bought airline tickets with cash, or provided cash up to 2 lakhs to all poor known people to hide their black money. The examples of that were rampant with no action. The idea of linking Adhar with PAN number is good and government has all the 30% of people who linked it - their id and income clearly. But these are clean people - the rest are difficult to sign up and most have issues to avoid it altogether.  What incentives or forced reasons do they have to do it?

We all know most of this black money is at work in benami properties as a lot of people buy properties with fictitious names or in the name of people with no money only to control the property themselves. Why Aadhar is not linked to property owners to expose the legal owners and figure if they have the means to buy the property they own. It is still not there because BJP knows his own cadres will be in trouble. Modi is an actor and those Modi fanatics should ask him to show how BJP party finances first or how the money is spent for any election by BJP? We all know -It is same for every party and BJP is no exception - so pretension won't do any good. The only reason he is still revered by a lot of his followers’ because of his Hinduism talk and most like it that way.

In a nutshell, demonetization was a policy blunder we all will remember in our lifetime and we will also know it was one of the worst and failed economic policy of recent times.

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