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One perspeective on Demonitisattion
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Posted in Publishaletter.com By :
Letter to the Editor Sent to :
Times of India, The
One perspeective on Demonitisattion
Dear Editor: Please arrange to get my views across your readers on demonetization: Senior Citizen’s voice on Demonetization: Some branches in Powai maintained cash in their ATMs mostly through the Demonetization period and Kudos for managing Cash availability at these ATMs almost continuously for major part after 9.11.2016) and Kudos to Government(s) and RBI for an effort at cleanliness and transparency. This example may not be relevant across all States/ Regions but this in my view this could have been true for major parts of India with less Logistic challenges. I, Senior Citizen with 42 years’ corporate service and my wife Pensioner of Government of India (VRS after 20 Years) with a few crores of (acquired) assets in Today rating starting from scratch over 62 years of White Taxable Income (42 +20) from 1987 writing this mail without any bias. Few points I want the all to note is acquiring few assets whose value today is a few crores requires 62 years of Corporate Service. This could have been shorter or longer depending on the type of job or business but meteoric rise within a decade or two (not possible without corruption/ black money) calls for suspicion in the type or nature of job/ business and calls for audit/ probe. The black money and benami assets in Realty and Gold need to be wiped out and without these the divide between the rich and the poor cannot be bridged. I am saying this not as a politician but a well-wisher’s experience for our future generations. Don’t laugh at my example that follows but would like to share my thrilling experience in Singapore. For 4 years Student Visa for my daughter in 2008 I entered the office meant for the same to come out within 20 Mins with no hazels and one debit card transaction. Many may feel it is a small country without compare but what I want to emphasize is the Political will of the Politicians to make it happen without corruption and with transparency similar experiences are possible in India. Now queue at ATMs have almost disappeared, it is good and with “cashnocash” website doing a wonderful job it was a journey from No Cash to Yes Cash with minor web search to find the branches having cash at the bank/ ATMs. Some of you are scoffing at these points above saying that Mumbai being Financial capital you can’t generalize the same with rural areas. I am not trying to generalize but discussing based on the example of one area having more than 15 ATMs (very huge) closely watching the proceedings since Nov. 9, 2016 very closely. While printing capacity is limited new currency accumulated in lakhs by vested interests added fuel to the fire making money not available for public distribution. In view of complex banking system of our country with mushrooming ATMs like India, to fill all these 2 Lacs plus (should we continue with all these is a big question) with INR 2000, 500 & 100 Currency Notes besides ensuring currency for Bank Branches, will itself take 6 months are more even if printed currency notes are readily available for distribution due to Logistics constraints in a vast country like ours. Despite the cash crunch due to printing limitations the arrogant role played by some bank staff/ vested interest in converting black money to white money for a commission is deplorable. The point made out by SBI Head & NITI Head why only INR 2000 notes initially and not INR 500 notes made lot of sense. Point made out by them was that INR 2000 denomination represented value currency (4 times that of INR 500 currency note) and 500 denomination notes represented the exchange currency. If RBI printed INR 500 denomination notes initially it should have printed 4 times to match demand for INR 2000 denomination notes and with limited capacity available from printing and logistics perspective, it would have added more confusion/ chaos in the market place with all our complex locations and terrains of the ATMs and climatic conditions. Now that INR 500 notes are becoming available it is time for people not to hoard the currency notes out of fear of non-availability/ shortage of currency and all political parties to suggest ways for improvement. It is also sad being a democratic country, that some opposition parties attack demonetisation for their political aspirations/ interests. My view is that this step alone will not be sufficient to curb black money, question is what if curbs even 20% of the black money. Instead of coming out with concrete steps to make demonetisation successful since it cannot be rolled back if the opposition continues to attack, without public interest, our future generations will curse us for letting go one opportunity for improving transparency and reducing corruption due to some vested interests. In the same tone going digital is not a choice/ option but is mandatory for India to march ahead in Global parlance. We have the resources but lack of political will to usher India ahead. Will this situation change and how quickly we as country can achieve above 80% in digital transactions? Kudos to Central Government, State Governments and RBI for avoiding major backlash as feared by some Political parties which would not have been possible without major hearted support of the majority of people making sacrifices for the future generations. JAGANNATHAN K S M.Sc, M.B.A, PG DIP POWAI, MUMBAI 9820697457
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