So, amazing things keep happening in our country – there is
never a dull moment.
The demonetization or the ban on 500, 1000 Rs. notes, is one
such unusual and unfamiliar turn of events.
The other day, I was standing in a queue to withdraw money and
there were fantastic people in that line. Fruits and vegetable vendor, rickshaw
driver, elderly person, and others were at that ATM.
Obviously, the enormity of this
situation was such that people started talking, without previously knowing one
another.
And the bottom-line was “there is hardship, awkwardness and
inconvenience – sure, but we support the historic decision taken by our PM.”
Some even thought that "nothing comes from nothing" meaning “no pain
- no gain.” We can manage and pass through this and things will be settled soon. Being positive is good and reflective.
To be fair, there are practical concerns and problems
especially in the rural areas. Unlike urban folks, people there may not have multiple
debit/credit cards.
The branches of various banks are scattered geographically. In
many states, there is one branch for 5-6 villages. Therefore, rural people face
much more obstacles in such circumstances. Even in cities, the exchange of old
notes and use of ATM has turned out to be tiresome and annoying.
The intention to ban the 500, 1000 Rs. notes, is very good.
The concept is nice, it is the execution or implementation that, possibly,
needed a little more finesse.
On the brighter side, this move could turn out to be a
blessing in disguise. This can simply be a golden chance to go for digital
money, net-banking, and cashless transactions, wherever possible.
If we think about the actual impact on black money and overall
economy, the big picture is – possibility of inflation climbing down and cascading
effects on all commodities. Now things can get better because of GST and ‘other
plans and projects after 31 December’ that the PM hinted in a dramatic speech
in Goa.
More importantly, there are reports of terror funding problems
and fake currency prevention. Ironically, major part of fake currency comes
from the India – Bangla border. This move is certainly a destructive blow to
the anti-India forces.
On the political front, there is longstanding practise of
nasty oneupmanship and empty bickering. Responses of Rahul Gandhi, Kejariwal, and
Mamta Banerjee are so peculiar that nobody is even taking them seriously.
Actually, there could be regrouping of the opposition. And ruling
dispensation has the tasks cut out for the winter session of Parliament.
Some claim that this exercise is to divert attention from
burning-but-now-forgotten issues like OROP suicide and the encounter in the
state of MP. However, it is not really possible because common sense dictates that
this decision requires huge preparation of at least 8-9 months.
All in all, the PM still seems to enjoy the popular support. This could, very well, be the turning point
for 2019 General Elections.
Now having said all above, I feel – some strong action was overdue,
but this measure at one go, for 50 days – maybe, it is a surgical action
without proper anaesthesia.
