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| Black money chase continues | | | | The entire economic scene has changed in India following demonetization of Rs.1000 and Rs500 currency notes. The lines of customers awaiting their turn for getting cash outside the bank and the ATMs continues to swell. There are still scores of cases of cashless ATMs and cashless banks. What has caused concern among the top bureaucracy is the way several hundred crores of rupees in old currency notes and new currency notes have been unearthed during the last three weeks. Well Modi had announced that let people give him 50 days and things will set down but since demonetization was announced on November 8 it is not imaginable if the situation in the banks gets normal by December 28. Whether the banking activities comes back to normal after 50 days is not the concern of Modi and his Finance Minister. What concerns them is the extent of black money. And the police and the enforcement directorate have been able to recover several hundred crores of rupees which is totally black. Can one imagine that from a law firm in south Delhi the police recovered over Rs.13 crores of Indian currency notes and part of that amount was in new currency indicating that senior Bank officials are in league with the rich simply to allow them the benefit of converting old notes into new currency. In fact during the last three weeks the those having black money are being chased by the police and income Tax department like police chasing thieves. Yes, black money, part of it has been recovered from a section of people. Cases have been filed against them and even the mighty political leaders from the opposition have been for possessing black money. And the chase will continue till the nation is free of the menace of black money. But even those people who backed Modi for demonetization berate him for the paralysis in the banking system and activities. One bank does not accept a cheque drawn in favour of the customer if the cheque is from another bank. In fact the Prime Minister plans to go in for digital system, so that India becomes cashless nation with people making purchases through internet, Paytm, or other digital system and the move is to ensure that there is no under table activities. But people are illiterate and even those having academic qualification fail to acquire sufficient knowledge about the digital system and one may not feel surprised if this system collapses because of lack of knowledge. Modi should have opened centres where laymen could take the training in handling of digital system of making payment. Whatever merits or demerits demonetization have people want to encash their cheues without any hassle a nd those with ATM cards want they get the money as they used to get before demonetistion. Some call demonetistion demon of inconvenience because one wishes to know when the lines in front of banks get reduced. What is debit card and credit card majority of people do not know. They want simply to get their cheques encashed without any problem. They want money from the ATMs, their money and not that of the Government. People are so much irritated by demonetization that they have ceased to be admirers of black money. If Modi wants to gain from demonetization he should make available sufficient bundles of cash to the and the ATMs. |
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