⊗ The unsung saga of a common Indian man!
Have you recently travelled India? I hope your answer turns out to be a big ‘NO’, you may ask why? and my answer to that is that we are presently a country with the highest number of people who are broken with the availability of cash in their hands which was transformed into a useless paper by Prime Minister through his magic….
POOF! Whoa! Here’s what he delivered
The sudden decision by the Government has created chaos not only in the banking system but in the whole country. Long queues in the banks, limited ATMs dispensing new notes and the shortage of the new currency have caused major inconveniences to the people. Cases have been observed where people have died standing in ATM queues.
To add a little more to your kitty of information, the Prime Minister told in his speech on 8th of November that this is an effective step which is taken for the sake of bringing the black money back to India in abundance.
I have no idea how well this was discussed and how thoroughly this whole was planned because during all this what I saw was a major chaos of human state in India whereas the ones with the black money found their way out.
A little boy was denied admission to a private hospital because the doctors demanded payment in cash. This whole demonetization process was very abrupt and could have been more organised and formulated. Most arguments against this scheme hinge on the fact that the implementation was severely lacking.
With PM coming out to the public and announcing that he too is suffering the woes in this situation makes this scenario a rageful crisis, how? well, PM himself doesn’t stand in the queue to get his currency changed or to withdraw the money, he doesn’t go to buy vegetables in the market and runs out of ration while others, people like you, me and us have been bingeing on what, nothing!
These problems could have been taken care by a proper and organised implementation of a demonetization scheme. The poor people are the ones who have been actually affected as they transact through cash only and earn on daily basis. Demonetization is a part of a long-term goal, the inconvenience caused cannot be ignored. Despite this major step being taken by the Government to stop the circulation of black money, people have found a way to filter their money.
After the announcement was made, the Rs 500 and Rs 1000 notes were being traded for a lesser value like Rs 400 or Rs 800 respectively or even lower while the difference was taken as a commission for the exchange. People are ready to exchange their old notes for valid currency for whatever value they get (something is better than nothing) just so they could keep their wealth and not have to pay the 200% penalty on it.
A lot of unaccounted assets with people are in the form of assets other than cash. These hidden incomes are in the form of gold, properties, etc. and people often buy these assets with fake identities, aliases or with the names of their relatives or friends, making it difficult to track.
People will continue to possess these illegal assets if no step is taken against the other forms of tax evasion as well. After the declaration of demonetization, many Indians with black money rushed to jewellery stores and bought a lot of gold from their unaccounted income. To truly be a successful attack on black money, these other assets need to be looked at too.
The demonetization scheme largely targets the black money held by the general public of the country and is meant to scare away the common people from evading taxes and hoarding currency. However, it doesn’t address the crores of rupees that people have hidden from the Indian Government in Swiss banks.
Well, what ever the situation maybe what we can’t overlook is the destruction caused by this policy, if this continues to be treated the same way I bet that our population count and the number of the future fleets will just increase. After all, until and unless the cause is cured the recovery won’t be easy.
I hope for a better India which is free from our so called Stalin approved governance.