Editor,
Demonetization is a bold decision of the Narendra Modi government. It is indeed a surgical strike against Black Money and corruption. No one can deny the noble intentions of the government. If successful and supported by one and all, it will do wonders for the Indian economy. It will also bridge the gap between haves and have-nots to a certain extent. Nobody is against demonetization but the timing and planning has been defective. The worst sufferers of demonetization are the daily wage earners, agriculture workers, fishermen, hawkers and construction workers. The government should have prepared well in advance to address the after-effects of this mammoth programme. It would have saved us from great inconveniences. Over 50 days have passed since demonetization but long queues are still seen at bank counters and ATM booths.
As per electronic media reports more than 105 people have lost their lives while in the queue to withdraw their hard earned money. Several people have also lost their mental balance while several others have lost their lives in medical emergencies because they cannot pay bill medical bill for treatment. The situation is more acute in remote and hilly areas where there are no bank branches and people don’t open bank accounts and keep their life time savings at home. Opening of new accounts is also not that simple. In the rural areas one has to wait at least two to three months to get bank accounts operated at the branch offices of public and private sector banks. How can people deposit their hard earned money within 50 days if it takes 60 or 90 days to get a new pass book at the first
instance!
Lakhs of people are losing their jobs particularly in the unorganized sectors. Who will compensate their lost man days? Demonetization has brought misery and unemployment for lakhs of people all over the country. Restriction in withdrawals is also playing havoc in the lives of the people they find it difficult to meet medical expenses. Formal and informal trade at international borders has also been affected due to demonetization, thereby creating major trade imbalances for the country. As per estimate by experts one percent GDP drop is also anticipated during current financial year. If the problems persist for long there will be huge negative effects on the Indian economy. If people are affected by a series of problems then all the good and noble intentions would be washed out.
Government should listen to the genuine cry of the people before its too late and before an unprecedented situation is created in the near future. A country like India will take another 10 years to implement a cashless economy. It should be introduced slowly in a phased manner considering that the majority of people still do not own smart phones and do not know how to operate them. Personally I support demonetization but I decry the lack of planning and poor implementation which is affecting all sections of people who own no black money and are genuinely poor. I also wonder how crores of new notes are being confiscated nearly every day from some people. It shows there is no full-proof security against black money. It also shows that bank officials are in league with black money hoarders and that the laws are meant only for the poor and the weak and not the high and mighty. Unless such loopholes are plugged demonetization will be a futile exercise.
Yours etc.,
Sylvester Marak,
Mendipathar