Every Coin has two sides, One is Good and other is Bad. Same way Demonetization Scheme has two sides, one is Positive and other is negative.
On November 08, 2016, Prime Minister Shree Narendra Modi announced that all notes in denominations of Rs 500 and Rs 1,000 would be illegal tender in the country. Which is the highest and most popular currency denominations in India, forming 86% of the currency in circulation in value. All the Citizens of country must have to deposit all the notes in banks and post offices to get them replaced til December 30, 2016.
The aim behind the said decision was to tackle the Corruption, Black Money, and Fake Currency that often Finance Terror. No doubt the decisions are always welcome but the management needs to be as good as decisions. The result of the said decisions, there are long queues outside Banks and ATMs, and people especially poor and middle class has to suffer for exchange.
In India, less than 22 percent of Indians lived under the global poverty line. India’s middle class population would be 267 million in 2016. And the rest are richest In India. In 2015, India was ranked 76th out of 168 countries in Transparency International’s Corruption Perceptions Index.
Below is the Calculation of Scam which is already done and no action has been taken till date. Now compare who is involved in all these Scam any Poor People or Middle Class people the answer is surprising that, neither poor nor middle class people involved in below Scam only rich people or politician are the one who is involved in the below scam. So why poor and middle class has to suffer from any Government Scheme.
Top 5 Scam Details In India.
| Scams Detail | Amount in Rupees |
| Indian coal allocation scam | 1,86,000 Crore |
| 2G Spectrum Scam | 1,76,000 Crore |
| Commonwealth Games Scam | 70000 Crore |
| Satyam Scam | 14000 Crore |
| Wakf Board Land Scam | 1.50,000 Crore |
Scam Details which has outstanding dues till date…!!
| Scams Detail | Outstanding Dues (Amount in Rupees) |
| Vijay Mallya | 1201 Crore |
| Lalit Modi | 1700 Crore |
Now if we consider the amount of all Scam as well as outstanding dues till date, it counts to big amount, so by considering this amount, I must say that, we need not to implement the Income Declaration Scheme – 2016, for recovery of amount if government will able to recover the said amount at on time. But who cares about that because all this Scam are in Paper now and no one think about, only when election comes few people talks about and after that nothing to be happen.
At present, the big deal for Government is to take appropriate steps for Clearing the above Scam, recently SBI write off all the outstanding loan of Vijay Mallya which accounted for Rs. 1200/- Crore, the question is why…??? But no one answering that, no doubt Hon’ble Finance Minister said, we will try to recover but it will not happen in reality. Same way what action has been taken for Mr. Lalit Modi since many yeras. So what we expect from our Government is to take appropriate Steps for sorting out the above scam, then there is no need to demonetization.
At present, after committing the above scam they leave India and they are enjoying their life in a better way then in India, and Government try to issue notices and notices but not stringent action till date is taken neither we expect that any action also taken in future also. Situation shows like, they are now India’s Jamai. One more thing is we learn that, If you have committed any fraud in India the better way is to go out of India.
Now, after introduction of scheme of demonetization, who will suffer from the said scheme but obviously poor people and middle class people, because they have to manage there day to day activities. While we concentrate for reach people who has lots of black money, they try to come into picture for few days and after few months there may be chances that the name of said defaulters will be added in above list. What about the amounts which is due to our Jamai….??? No answer.
What is more important for Government, there is a need to make more stringent regulation for any types of Scam will come to their knowledge and immediate Action on it. At present the situation is like that, when any scam disclosed there is too much discussed done on the said scams but as and when time will pass no one think about that and forget about the same within a few weeks, this is happen in reality. And This is called as India.
By demonetization Scheme if Government see the Situation of people, then they must realised the reality. Just take an example that, If we simply consider that a person who sale potato through his trolly has any Black Money, the answer is simple no. But then also he has to wait for his turn for exchange of money in long queue. What is the meaning of this nothing.
If Government want to catch Millionaire people, Government must have to come with Scheme which only applicable to Millionaire people take an example of Income Disclosure Scheme it is welcomed step by Government. Because of this Scheme no one has to trouble except few. But by demonetization everyone has to suffer.
However For poorer there is too much problematic to wait for their turn in long queue for day to day transactions. Same thing also happen for Middle Class Family. While if we consider the Richer people no one has come into picture till date.
Not opposing the Steps taken by Government of demonetization, but I just want to suggest that along with the above Scheme, the Government must have to Clean above Scam also as early as possible to really develop the nation. If India recover the above amount then the aim of Government also achieved in real sense and also increase the faith in Government.
Reality is not just which we have seen, but it has also different angle which we have to consider. No doubt there is too much black money circulated in the Country and I also welcomed the steps taken by Government for Clearing the Black Money from the Nation, but suppose if Government will success for collecting all the Black money from nation what next….??? Is it Completed and in future suppose the Scam will come into knowledge then what action needs to be taken. At present there is no answer of above question. After few days of such scam we will forget and it is just in paper and forget about the amount of scam in few days as happen previously.
Concluding that, Government will need to make proper policy for recovering the above amount from Scam as and when it comes to their account, and to take appropriate action so that most of amount will be recovered in due course which help to Grow nation and Clean the Country.
In demonetization Scheme of Government needs to be done with proper management, because it is happen that, poor and middle class people waiting since morning for their turn to exchange money and they are not able to do their business properly due to long queue at bank. Sometimes it is also happened that when their turn comes Banks time either completed or Bank does not have sufficient money to exchange. What a common people do just think. They are too much frusted form this. Same was happen in ATMs, when your turn comes ATMs does not have money. So Government needs to sort out all the problems as early as possible and ensure smooth running of Country.
So if Government really wants to clean the Country, they must have to take big steps to curb the big millionaire who are enjoying there life after committing a Fraud in Country, by issuing notices and notices does not considered as a Right direction. To Clean the Country, all the pending Scam also need to be taken up seriously and make stringent rule to curb return back all the money.
(Compiled by CS Meetesh Shiroya , who can be reached at meetesh.shiroya@gmail.com)
Easier said than done….
Data used by you in your article is very general & most people including you would have come to know about this bcoz of demonitisation… But such half cooked stories won’t serve any purpose…
All suggest methods for improvement support by facts , figures & logic…it’s easier to criticise than put constructive effort to reduce / eliminate the wrong doings .
my opinion regarding the same :
1. ironically enough , even though demonetisation main aim is to curb black money , there are people charging commission to convert the same of what last i heard it was 40%
2. when it comes to so called “rich people” , problem is that they don’t have their black money in cash form they have other ways around it like gold, property , swiss accounts so technically on paper they are not wrong . Like Mr. Rajan in his one of interviews govt. should also find ways and means to curb it .
3. well i believe the scheme is great , but implementation is equally bad and not sure how soon and how much purpose it shall solve. though cashless economy scenario tough in country like ours but should be given a chance.
4.talking about poor and middle class and their woes , though standing in queues is tough but what tougher is govt. misunderstood that an average person would just save 2.5lacs .
i know of a person who asked his domestic help to help him deposit his 1lac only to be stunned to know she herself has to deposit (read : adjust) her 8 lac which she has saved over the years for her daughters marriage which she did not deposit in bank coz her alcoholic husband would spent it all .
well honestly personally i am very neutral about entire issue ,haven’t affected me that much except when i had gone to shop groceries at big bazzar after half an hour shopping and standing in queue i was told at the counter i cant buy stuff coz they don’t have 2000 rupees change, not that big a sacrifice in the bigger picture.
but i hope economy is not affected as much as it is anticipated by the economist and opposition
thanks
Dear Meetesh Shiroya
Good morning ! Myself Rana, native of Kolkata, staying in TN at present.
Read your article…. I understood you are concern about poor and middle class.
Coming back to poor class … Please tell me who are basically holders Jan Dhan accounts … In that account more than 60000 Cr has been deposited. Shall I understood them as poor still …. Or shall I understood the black money hoarders are keeping that amount through rent of so called poor people account. Whether you say poor people are exempted from to be honest and can earn any way by taking opportunity ! Both are problematic and principally not acceptable . Demonetization exposing all these and at least giving us a chance to understand the real facade of people of India who accepts anything comes free at cost whatever it may be !
At least some portion of black money now being distributed between so called poor people…The common man isnt unhappy, bcs they are getting richer without doing anything now, sometimes renting their till date zero bal a/c or sometimes standing in queue on behalf of rich people. After 8th Nov there is actually shortage of laborers bcs everybody rush to all nearby big cities to stand on queue to earn this easy money. You are talking about potato vendor, how much his earning in a day, approx Rs 1500/- ! but after demonetization through standing in queue his earning gone upto Rs 5000-1000/- per day .. This poor people if dont take pain today, they are already paying price and will continue to pay price due to the selfish activity of the rich class.
You are right that rich people & politicians causing us pain to us common people …. But sometimes this kind of pain is welcome to be disciplined and to see our country transparent…to see the real facade of so called status quo people and to head held high of common HONEST citizen of India. We should forget corrupt mind of Indians irrespective of the fact of religion, rich or poor.
Personally while this scheme has been introduced, I was travelling and faced lot of issues, to manage the accommodation, food & even water. But ready to take this kind more pain to serve our country better to see clean & transparent society. See all activity with good intention is welcome, even when some may go wrong. But we cant be correct only by doing nothing…BETTER DO SOMETHING AND TAKE SHORT TERM PAINS
Actually common people has supported a lot, bcs the feedback I received from bankers, common people, laborer and even farmers… Giving an example n see attacment. There is Rs 400 crore turnover company (Hatsun), whose only suppliers are 3 lac farmers, but that co is operates cashless and farmers are only transact through bank…aren’t these farmers common people. A small co can do and we are only can complain, because somebody asking us to come clean. Hence if there is will there is everything possible. Who are protesting …. Corrupt CM of West Bengal, Delhi and UP… Kanimojhi, who is already in involved 2G scam in big way and you are also mentioning that !!! I.e. irony … Monmohan singh is protesting… who is the reason of all the scams you have mentioned including coal & 2G scam…. I know them from their root…They are top to bottom corrupt not only , based out of only GUNDAS, you cant believe who are driving them…. When these BLACK PEOPLE arent supporting, that means Modi is doing white …. WHITE IS ONLY OPPOSITE OF BLACK…So its easy to understand which view we good citizen should take…
Our farmers are facing drought…what we are doing but only expecting Govt will do something, and we will continue to use plastics and through it out where ever we like…Even we haven’t spared Thar desert, So called common people gone inside to have drink (Hard soft etc etc) and spoil the ecology by throwing bottles deep inside the sand dunes… We are destroying our mother nature every way and year by year facing shortage of rain…Farmers are facing actual problem of that…TN farmers arent purchasing subsidized seeds, not bcs of lack of cash, but bcs there is no rain…The seed consumption went down by 80%….. Nobody saying anything ….No media is covering in same manner…. There is regular vandalizm of sandal wood of 1000 cr in Andhra, No limelight no media …
WE NEED TO RAISE OUR VOICE WHERE ITS ACTUALLY REQUIRE… LET CORRUPT MINDS DIE…THEY ARENT COMMON PEOPLE
“Every Coin has two sides, One is Good and other is Bad”. This is not right. A good coin will have both sides good and a bad one, both sides bad. Demonetisation is bad on both counts: neither it removes black money from the system nor it discourages corruption. The rich and the mighty have ways and means to make their bad money good; it’s only the poor, weak and law abiding citizens who are suffering. Such persons have already exchanged or deposited whatever little savings they had in banned notes. If they have the political will, Govt should now go after the already known hoarders of black money who are transporting in plane-loads.
very good article