Many pressure groups and selfless activists had been advocating it even before the 2011 revolt against corrupt establishment and elite ring-masters. The prime minister, in a TV address to the nation on November 8, had declared that high denomination notes of Rs 500 and Rs 1000 will not be legal tender from Nov 8, 2016 midnight. He had said that the government has declared a decisive war against black money, some surgical strikes on corruption resulting in more tax gains for my sarkar. A high-impact performance indeed. Bigotry is unprofitable, political activism by billionaires & celebrities is the emerging phenomenon worldwide!
The logic is sound on paper & a clean propaganda, if real intentions are also clean and no strategic delay or planning to save the insider right-wing cash dalals. In a nation where a citizen spending daily merely Rs.32 in village & Rs. 47 in towns / cities is officially above poverty line, who is using Rs.1000 notes or possibly use the proposed Rs.2000 notes? Plus in this era of secure online payment gateways and mobile banking hoopla – the private brands are getting a good first mover push for future monopolies! Why not reduce or totally abolish the cash concept, marriages are not about exchanging loot money, cut the extravaganza just to showcase private relation of two persons? Surely giving Rs.10 lakh in bribe or dowry or holy gift would be far more difficult if one had to give it in Rs. 50 denominations, maybe demand for precious metals or real estate jugaad will take over, anyway it will not affect 500 crores family function spending for any desi neta maharajas – cheers jugaadu! There were legitimate use of higher denomination currency also, and everybody was not a black money hoarder either.
There was the issue of duplicate currency being pumped which hampers the economy as well. So what does the govt do considering upcoming elections and increasing mistrust? Release a regulated Rs. 2000 note and ban all the other higher denomination currencies for high impact PR strike, promoting their lotus to every citizen. Currently there is 86% of currency by value of 500 and 1000 notes in the system. People, however, can deposit the old notes of Rs 500 and Rs 1000 in banks or post office accounts from November 10, till December 30, 2016 without any limit.
It does look like a well thought out plan by the government to tackle its own self-nourished shadow economy which runs parallel to the system, which benefited all those on power corridors currently trying hard to white wash all their sins and get that “swatch bharat” cool look. Though the enriched political establishment, media industries, top corporate honchos, power brokers will dislike such a move in private as sweet cut black money keeps them oiled. It gives them the instrument to buy whatever decree they want to. This decision can also affect how India’s election industry functions, or is it maybe? Already some big shots started sweating – interesting tales to watch, pants down!
Except bears & bulls fan clubs of Gujarat and few other trading heavens & wealth lovers, money matters is mostly a tiny aspect of a nation’s overall moral character.