Monday, November 14, 2016

DEMONETISATION MUSINGS

"Black Tuesday", cried some while others hoped for a "whitewash". Though Demonetisation was in the air from the campaign days of 2014, there was an element of surprise, awe and shock in the air. These were followed by serpentine queues, heated debates, street corner discussions while the Mahatma laughed his way to the bank.

As one analysed the goings on from the sidelines, we could see collegians exchange their valuable pocket money while senior citizens and housewives jostled along with the youth to change their "mighty savings". If R K Laxman were around, we could have definitely expected a cartoon on the housewives lampooning the PM with the common man by the side for unearthing their "hard earned" pin money a la a Dushasana disrobing the legendary Draupadi. These women chose to disclose these facts to "brothers" rather than the "in-laws" little knowing that these brothers were brothers in arms with their spouses.

The working class tried to earn a profit by allowing access to their bank accounts or exchanging currencies at various banks for princely sums of Rs 200 to Rs 500 as " service charges" throwing light on the entrepreneurship of this class which can "encash" any crisis while also playing the good samaritan to the hapless senior citizen or divyang persons. Some college students volunteered to help streamline queues and distribute forms whilst others chose to plan their next withdrawal.

Suddenly, India awoke to the possibility of a cashless day. 

Queries emerged where were the hoarders of black money. The TTD hundi and the Ganges displayed the hard core attitude of this class. This class had failed to rise above board when the nation became independent. It refused to support a leader like Lal Bahadur Shastri to fight wars or hunger. It could care less when the nation had hardly any food stocks. It has missed more than 20 schemes to come clean and is ready to lose the entire sum rather than use it for some purpose. Only 31st March the last day to exchange the currencies at Reserve Bank will let us know what is the extent of currencies that have been sought to be burnt or buried or kept as a treasure trove to be sold in latter days as a souvenir at Sotheby's.

The intent is not lost on the general public who have humoured themselves into the situation. We have had owners of nearly Rs 67000 crores taking a brave step. Will the rest choose to pay a nominal sum of 30% on their illgotten money and deposit in the accounts? Will they at least care to share the booty with the nation in the form of donations to the National Defence Fund or the Prime Minister's National Relief Fund or Army Welfare Fund?  Or will they choose to revel in the Emperor's New Clothes as every other soul sees through their stark greed?

Let us be clear that the persons who have so far used the methods to deposit or exchange are the commonmen and not the ones who have hoarded money except in the odd cases of jugaad. Let this battle take us ahead in our war within the nation to make the haves behave responsibly.

Let it be disseminated that while the previous demonetisations were for high value currency in small numbers and with practically no exchanges a la this time, we are in the process of taking out over 80% of the currency notes in circulation and replacing them. The costs are high but the rewards are higher too. The only hitch is why introduce again high value currencies knowing the intent? Is it a case of giving the errant a longer rope or the hope of the return of the prodigal son? 

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