As an individual, I see the following as the fallout of #demonetization. You won’t find anything economical here, but everything logical.
Made the local counsellor reach out to my Dad to see if I could transfer some money from Singapore to his business’s current account in India. In turn he would give more than an equivalent from his cash pile. He promised an apartment in addition to more than the value of the money hat he asked me to send. I declined, anyway.
Made the house maid in Chennai remark,’ So what if Rs 1000 is withdrawn? I don’t have 1000 note anyway. Only hoarders are affected, aren’t they? Well, I wish more of such people are punished.’
Made the Ganges more polluted by having to carry sacks full of dumped cash.
Made Rahul Gandhi return to India and stand in a queue, for the first time in his life.
As an aside, I saw all the 2G, Coal scam and Sharada scam accused come together, stand in front of parliament and demand justice for themselves.
For the first time, an income tax assesse felt proud of paying his tax.
3 thoughts on “What did #demonetization achieve ?”
Sir, for locals, one more thing happened. They used to have ₹5000 or ₹6000 in house for medical emergency or such emergencies. They were made to struggle in long “Q” s in front of Banks, to change into new currency. It may not be possible in one day. If the amount is ₹6500 , you will get ₹2000X3 and ₹500. Then you have to blink as to how to buy vegetables, give to auto etc… Thank God, we managed somehow. Nightmare, to remember now.
Yes there were difficulties. But generally people felt that to cure a cancer, some measure of suffering had to be endured. My dad, 78, said – if Indira had done this, she would have been a national hero due to this. Alas she missed.
Hotch potch decision. Colateral damages are very high. Supreme Court verdict on abrupt closure will receive rude strictures. Crash landing concept instead of soft landing creates immense hardship common man to billionaires. Changing goalposts right from overnight decision to till date by rulers laughing stock. Sitting in abroad criticizing opposition leaders lacks maturity and insensitive to hasty De Mo nightmare.