LIFE AFTER DEMONETIZATION

Let us start the journey of demonetization, better known as ‘notebandhi’, by the quotation of the American fiction writer Stephenie Meyer pertaining to ‘Hope’. She says that “I like the night. Without the dark, we’d never see the stars.” Millions of people in India are still standing outside the banks still waiting to see the stars in the dark long after the imposition of the demonetization policy. Only time will tell that whether they are fortunate enough to see the stars they are waiting for after 30 December 2016 as promised by the government. The demonetization policy was implemented with noble intention of destruct the corrupt system of the country and destroy the black money which has viciously accommodated itself at the heart of the nation. At the present stage it is abstruse whether the said promise would be fulfilled by the circumstances. It is best in the public interest that the government should implement any policy after weighing benefits as well as repercussions. Presently, no such beneficial effect is there which can be seen with naked eyes. Despite all the facts, one has to agree and it is essential to understand that the demonetization policy was not flawless for reasons specified below.

The substantial portion of the illegal wealth is not in the form of currency notes. It is held in the form of undervalued assets like real estate, land, gold and jewellery.[1] A greater large portion is not only stashed outside but is spent overseas. The significant change which has been introduced is ₹2000 currency. The government all over the world would want to demonetize the higher currency used in the terrorism activities then why RBI is issuing higher currency notes?[2] The decision is causing most inconvenience to the poor people especially women due to their hard-earned savings. Around 82 people have died due to various reasons after the decision of the government. The core question is that who is accountable for all these deaths? The fact that demonetization declared by the Morarji Desai government in 1978 had made no major impact upon the economy is because the demonetized currency was only a minuscule portion of the total currency unlike at present where ₹500 and ₹1000 comprise over 84% of the total currency in circulation. It is shown in the media that 92% of the people are supporting this move. It is hardly shown that only 5,00,000 people have voted thorough the app i.e. not even 0.5% people of the total population of the country. Even after long time of the imposition people are struggling to get readily available cash. The most unnoticed fact is that many terrorists and politicians are already possessing new currency notes not available even today to the needy people starving to death.

It is not a disputed fact that people of the nation is in support of each and every move, as the present demonetization, taken regarding the destruction of the corrupt system. The only requirement is the cost and benefit analysis which was poor in implementing this policy.

[1] Theatrics on Black Money, Economic & Political Weekly, (November 12, 2016) (Vol 46), Pg.7

[2] Id.

Maharshi Thakkar, BA LLB, 3rd Year, Nirma University

Posted in LEGAL-ED and tagged , , .

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