It is an understatement that demonitisation is a monumental disaster. It has already damaged many parts of thriving human endeavour.The sectors like textile,jewellery,grain market,vegitable and fruit market have been given a body blow by this thoughtless program.Even now if they bring in Dr.Swamy as FM, He can bring about some solution.Arun jaitely and Modiji donot seem to understand the nuances of such a big task.Hope modiji uderstands and removes Arun Jaitley and bring in Dr.Swamy soon
demonitization has its merits and demerits but cannot be forced upon the nation. it can be one of the options. you cannot overnight ask people to become familiar and start using digital methods to do payments when cyber security is a huge issue with banks. this exercise has done nothing except removing fake currency notes. But the daily recovery of fakes currencies really put a question mark on the new currency. the govt is thinking and behaving as if there is no below poverty line people, lower middle income group people who are not that educated and have no access to banks, computers, internet etc. even if they have access they are worried a lot about cyber security as thousands of frauds happen even amongst highly educated class. all this digital thing should be done with all infrastructure in place and not just push people into it. govt has failed to deliver on teaching a lesson to pakistan. it still thinks it will improve with talks. they just want money and nothing else. what was the need to implement 7th pay commission salaries in railways when its in loss. all those asking for raise should have been dismissed just as in pvt companies. but here govt won't show its powers. they will ask to give up subsidy but will not give up payments for days parliament didn't function. PM will move in BMW but will talk about Make in India. He says people are not optimistic but how can we when your actions are not giving any positive results?
The elimination of Rs 1,000 note and introduction of Rs 2,000 note is really perplexing and the RBI's explanation has turned them a joke.
- the only way to print 86.4% worth of notes back was to go for a higher denomination in the short run - however, it is quite obvious in the medium to long run there will be a focus on printing lower denomination notes (e.g 100, 50) and suck 2000s out of the system, as they come to banks and replace them with 100s and 50s...I would expect that over the period of next one year, 2000s will be informally sucked out - if there is still 2000s still there, that is likely to be meagre (may 10% or so, of the overall currency percentage) and most likely, will be held by hoarders again...just demonetize it then and then move on...
When the intention is to go for e transqctions,then why that many currency notes are needed?concentrate on constructive advice to how to transit to new methods of transactions....rediff journalists should not be just only for criticism,but should be constructive
The effort of the Author as an academician / theoretician though laudable, it lacked practical insight vis-a-vis ground realities and understanding from a Democratic Government's pointy of view. Good to read but not for anything else.
Yes it will take another six months for things to get normal. Many are expecting things to improve after 31 Dec. That is not going to happen. In fact Planning commission revealed recently that many ATMs cannot be recalibrated and need replacement. Moreover notes printing will take 6 months. Lives have been disrupted with no tangible gain in sight.
Re: SIX MONTHS
by shubasrikrishna on Dec 30, 2016 03:26 PM
only 30% of the earlier notes is required for circulation. balance was hoarded as black money.
yeah it is a field day for all wilsons, nixons and dixons and who not.... But, we care less for these knowledgeable ignorants. As an Indian and desperately wanting a change for the good, I believe Demonetization even with all the associated pain is worth it. We are a nation with 'chalta hai' attitude where corruption is part and parcel of daily life. It needs change and a shock treatment to bring us out of a 60 year old morass.
Re: yeah it is a field day for
by ajay ghosh on Dec 30, 2016 02:25 PM
Well It is Disaster unlike Mr Mao Ordered to Kill Sparrows in china to spare grain crops but he forgot that sparrows also eat pests and there was a famine unlike Mr modi is doing the same thing and all these facists folow there whims with conviction China will be very happy to let this happen as Indian economy is in utter chaos .
Re: Re: yeah it is a field day for
by Gopal on Dec 31, 2016 05:42 PM
Fascist - you understand the meaning of that...the entire media is against Modi, he has people's support..can you imagine the media being against if the ruler was fascist - they will be put down ruthlessly
Article is good. But, the author needs to know that we live in a real world and not in an ideal world!!!. All his comments suggest that government is dumb. If the prime minister has mentioned that he will not let go black money hoarders scot free, then he cannot go by the rule book and also he cannot discuss each and every step as this will only help the wrong people to plan in advance. I am a middle class person. Honestly, I havent felt that much pain. If the banks had really given every note to a deserving customer who was standing in a long queue, this mess would not have happened. Instead the banks preferred to convert black money of high value customers to white. THis led to the mess. Now, the ED is catching up with these crooks. India is a nation of young people (they are ready for change). I hope the Rs 2000 note is also banned after 1 year. This will really give a kick on bottom who have managed to store 2000 notes. If this happens, no one will keep unaccounted income. Obviously actions like these cannot be discussed in open....but I am happy.
