Downside of the demonetisation move, Not enough preparations


Tough times call for tough decisions. It is apparently in line with this that Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1000 notes on November 8 and while the intent is good, even excellent, perhaps it would also do good to look at the reality. The death of a child at Mumbai after a hospital reportedly refused to accept the demonetised notes and apparent refused to attend to him, is much more than an inconvenience. This should more than underline the point that not enough preparation was done before the Prime Minister went ahead and demonetised the said notes. This is where the suggestion from the Shiv Sena that the demonetised notes be allowed to circulate till December 30 seems to be on the right track. The intention of the Prime Minister and the BJP led NDA Government is good but the fact that not all the necessary preparations were made ahead of the crucial decision is clear by now. Five days after the decision was telecast live before the Nation, the queues before banks and post offices continue to be serpentine with many unable to meet the demand for Rs 100 and lower denomination notes. In a place like
Manipur , fresh Rs 100 and Rs 2000 notes reached Imphal only on November 11, two full days after the demonetisation announcement.

The target of the demonetisation decision is of course the rich and moneyed class, people who have been evading paying taxes to the Government, but at the moment it is apparent that it is the common people who have been hit the hardest. As stated earlier, tough decisions always come with its share inconveniences, but the inconveniences could have been averted if only some right steps had been taken up earlier. As things stand today and according to Union Finance Minister Arun Jaitley, it will take another three weeks to recalibrate the two lakh ATMs so the Rs 2000 and new Rs 500 notes can be dispensed. The question is, why this step was not taken up earlier. Or would that have raised the suspicion of the black money hoarders ? Moreover why not make places of emergency such as hospitals and pharmacies accept the demonetised notes, say till December 31 ? If this had been the case, then the child who passed away at Mumbai may have been saved. In any case the child would not have died due to doctors refusing to attend to him. How about those who have invested their black money in real estates, gold and other properties ? Surely the demonetised move would not have affected them. This is a point which should not blow over the heads of anyone.

Source: Imphal Free Press


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