Demonetization - Real and Fake Opinions

Demonetization - Real & Fake Opinions

Opinions about Demonetization are formed by two types of people: those with Real reasons & those with Fake ones. There are two types of real reasoners and two more using fake reasoning. 

All 4 have different views of the same fact!

DeMon(etization) might have been done with good intention, but it was horribly executed, causing lots of pain and agony. On its First Anniversary, it turned out to be a futile exercise, without any penalization or arrests. Where did the Black Money go?

The Real-Citizen

I belong to the first of the 4 types, part of 124+ Crore Indians, who didn't have black money. We were forced to stand in ques for exchanging Notes, that were rationed to certain amount per week. The amount was gradually increased, till they believed all black money was out or destroyed.

Most were angry due to painful process of exchanging notes, even for their daily needs. Those with Credit/Debit cards managed, but real poor did face hell, especially the daily wagers. They were crushed from two sides.

Many daily workers lost jobs, as cash dried up. Some jobs were postponed that lead to slowdown. Even those with cash savings, split working days between visiting banks for exchanging notes and going to work for earning. Many died in the bank ques, some due to hunger others due to health issues.

Every small traders & genuine businessmen faced cash shortage and suffered losses due to loss of business or opportunity.These were the same people who declined jobs to daily workers due to cash shortage

Economies are well oiled machines, demonetization drained the oil.

This was the story of real India, the 99% who suffered!


The Rich-Citizen

They are the Maharajas of their Industry or Constituency, or their Chamchas.

Despite being less than 1% of Indian population, they cause maximum agony to the rest 99%. They own more of India, than the rest of us and then exploit us to own some more. 

DeMon was aimed at them, but most escaped through Shell companies or using their servant's bank accounts. Expert in organized looting, they used the same tricks: organized money exchange through Bank Babus and Goons, who stood in ques.

Not all rich are bad, but the people whom DeMon was aimed at, didn't get caught so far.


The Social Minority

These either belong to minority community or support them for political or ideological reasons.

Instead of finding real flaws of DeMon, they abused Modi and the BJP/RSS combine. They did get their logic right sometimes, but mostly ended up abusing Modi & called him names. 

Their real pain was not DeMon, but insecurity for being at the receiving end of Hindutva forces. As religious sentiments were used to judge DeMon, real pains didn't get addressed.

It may be true that many small traders do belong to minority communities, but Jains and Sikhs didn't complain as much. Pain of DeMon can be addressed only when focus is on real pain points, not religious bias.

DeMon effects are yet to get over, but some businesses have become nonviable due to cash limits.


The Political Opponents

They are the most Vocal in misguiding Indians, as they were the most affected!

Politicians believe Demon was done to snuff out election cash from Political parties, before UP & Punjab elections. That may have some merit, as most vocal parties were those who were contesting there, like SP, BSP, Congress & even AAP. 

Strangely NDA partners were totally silent on Demon, barring a few leaders. Unfortunately for India, most elected representatives, speak only for their party and not for the people who elect them. 

Predictably, apart from arming us with some information (& misinformation), their opinions mattered only as much as their intention to serve the voters.

Being Maharajas of their constituency, most got away by exchanging through known bankers or paid goons. Heard that some "Hawala Traders ki Hawa nikal gayii". 


Overall Effect

The economy did suffer, as entire machinery got effected due to cash shortage. 

The businesses that were run mostly on cash faced the brunt. While the owners suffered monetary losses, workers lost their livelihood. DeMon did help increase cashless transactions, but due to lack of proper infrastructure (internet / Bank a/c), the poor went through maximum pain.

While most industry are back to business, few may never recover, like Jewellery and Real-estate. Thankfully, that is a good news to common man, as it would make them feel richer, when prices of Gold & Land goes down. Unfortunately, both have people with deep pockets, who may take some time to relent.

Real-estate being mostly Bank-loan dependent, can trigger a Mortgage Crisis leading to unpredictable consequences. The Bullion is much more robust and will come out mostly unscathed.

Overall, the economy has been affected, but like any long term investment, DeMon did have some good results, especially increasing bank account holders and tax payees.



The Loose Ends


DeMon may be an ongoing project, but questions gets raised in terms of achievements, after so much brouhaha of recovering black money.

Why no Black Money was unearthed? Why none got punished so far?

Here are a few questions that went unanswered:

1. What did Demon achieve, after making 125 Crore Indians suffer.
2. If 99% of notes got exchanged, where is the Black Money?
3. Where are the Fake Notes, which were circulated by neighboring enemies of India?
4. Why did the Govt ban old notes, without having enough supplies of new ones?
5. Why was no action taken against Shell Company owners, who exchanged thousands of Crores through benami accounts?
6. Why didn't Govt disclose names of culprits to Indian Public, who suffered the most?
7. Is it possible to get 99% of notes back, without Bank Employees helping influential people? How many of them were punished ?

Conclusion


While everyone may have their own opinion about DeMonetization, most agree that it was done with good intention to weed out black money. But the way it was implemented, it  defeated the whole purpose. It could be an issue with improper planning or bad execution. 

As they say "A great plan is only as good as its execution!"

Despite being an ongoing project, DeMon can be summed up in just one line:

Lake was emptied to catch Crocodiles, they fled to land, but all fishes died.