Friday, November 25, 2016

How Narendra Modi's Demonetisation Is A Farce

I had just withdrawn 2000 rupees and returned home. I had just entered the house when my WhatsApp started buzzing about the demonetisation. It was basically confusion with people coming up with their own interpretation. I switched on the TV and educated myself with what was happening, quickly realising that the money that I just withdrew was not going to help me.

Although I had my reservations about the whole idea, I mean, we are talking about stopping 86% of currency in a matter of four hours. It was obviously going to affect the stocks and the economy would be shaky. What I don't understand is why we are not getting a clear image from the government about what is exactly being done with the money and the move.

Confusion
Everything is just so hazy and no one has a for sure answer to everything. It's close to 3 weeks now and we are still basing everything on our interpretations. Transparency is crucial to avoid panic.

Just like Biswa said on his Facebook post, people are ready to stand in the line and face difficulties if it even shows a glimmer of hope that this would indeed help towards building a better society, government and living standards.

When I was promised that day that the economy and flow of money would be normal within a week, I expect it to be normal within a week. The fact that I still have to worry about change and 100 rupee notes is kind of causing me anxiety that maybe something is off.

Corporate Silence
I honestly expected a bigger roar from the corporates and the big fishes in the market who we know sure have black money, they being so silent about the whole thing honestly does make me suspicious. Did they already know about the move? Did they already do away with their money?
I remember everyone being surprised by the money pumped in by reliance Jio. Can there be a connection?

Governor connect 
The current governor has been in office for 2 months and the publication of the notes also began around Aug-Sept. so was the new governor appointed just to sign the notes? And if the printing of the notes started in August then how come the new governor has signed on them? In the initial phases, there were rumours that the printing began six months ago, if this is to be believed then Mr. Patels signature on the 2000 rupee notes creates more controversy.

Makes no sense
The whole point of demonetization was to make sure that the higher denominations are rules out because that’s how most of the black money is stored. If that was the point then why introduce a much higher denomination anyway? To help save the black money even more easily?
The higher the denomination the lower the economy
The higher denomination is an indication of a weakening economy and this scares me. Zimbabwe has a 100 trillion dollar while the highest denomination in USA is 100 dollars.

Sims India
It honestly feels like Modi is playing a nationwide game of Sims, where every day he comes up with a new rule. We are talking about a nation’s economy, I expect that as a prime minister he will plan out everything in advance and take care of every minute issue and problem that could occur.
He should have laid down all the terms and conditions and rules when he announced the demonetisation. Announcing an update everyday reflects very poorly on him and makes it look like this was not well thoughtout.



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