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 email@example.com)