On November 8th 2016, the Bharatiya Janata Party(BJP) led Indian government under the leadership of Mr. Narendra Modi declared 86℅ of the Indian Currency as no longer usable from the next day. The old notes of 500 & 1000 were scrapped and new currency notes were introduced with limits set on withdrawals and deposits. The government took this measure in order to eradicate the country’s black money which accounts for atleast 20% of the Indian GDP. Though this move forced the common man to stand in long ATM queues for hours, but they were content and full of praise for the Modi led government’s historic decision. This also led to increased use of electronic and bank based payments as most ATMs were closed or out of cash.
But soon came the aftermath of demonetisation. It led to chaos and protest by the opposition parties. The functioning of both houses of the parliament was affected. Former PM & economist Dr.Manmohan Singh termed it as an “organised loot & legal plunder” and accused the government for misuse of policies and control. The government was also blamed of providing benefits to it’s corporate allies. According to economists, demonetisation will have a limited effect but it would affect the entire population of the country.
The government promised the people that situations will be back to normal within few days and the people decided to trust their government. The common man showed patience and waited long in ATM queues without any complaints. But even after 30 long days, the situations have not improved. The closed ATMs have crumbled a large section of our country particularly the small scale businessman and daily wage labourers. The lack of proper implementation has raised some serious questions on the government’s credibility. Also the government’s constantly changing stand regarding the real reason behind demonetisation from curbing the black money to making India a cashless economy has lead to doubt and confusion among the people. The fact that more than 80 people have lost their lives due to demonetisation is highly saddening and unforgivable.
It’s high time that the government help the people to come out of these miserable and hard times. People should not feel helpless and nobody has the right to deprive them of their hard earned money. The government’s accountability is at stake and spending money on various television and newspaper advertisements promoting their “historic move” won’t help to their cause. These aren’t the “acche din” that were promised.
As of now, this economic move has turned out to be more of a political blunder and is in no way going to help the government politically. Perhaps proper implementation and execution could have generated the best results. Time to go search for a working ATM. Phew!