Demonetization Saga - So who is responsible !!

From the midnight of November 9, 2016, lives of 1.25 Billion people have changed to a great extent. The government have decided to demonetize the high denomination currency of Rs 500 & 1000. Although this decision has left everyone flabbergasted, people have accepted it with open hearts. They have probably realized that it is a step towards cleansing Indian economy. Many years down the line, they will have a story saying that they were part of this historic moment. The decision could also be seen as a step towards fulfilling one of the electoral promises made by the current NDA government.

The word demonetization is like a new vocabulary, hurled at a common man, one fine day. All that they understood, is that they need to get their hard earned money exchanged in the bank within the next 50 days. To clear the air, it is important to understand why any government take such step. Any government can act likewise in the following situations:

1. When the percentage of high denomination currency in the market (in terms of value) exceed the limit of 70 % of the total.

2. When the fake currency has embraced the economy of a country like a termite.

3. When a there is a huge amount of unaccounted money laying idle with the people (In this case).

Nothing comes for free and so did this demonetization. Demonetization is meant for a greater good, with some short term problems as well. While each one of us believe in the merits of this bold step that “Our” government took, the critical media is busy counting the shortfalls. On social media, which has abysmally impacted the mankind, everybody is a teacher, economist, socialist and so on. I am convinced that social media activists are ‘buffet’ lovers who accepts whatever is served to them. They rarely take the pain to verify the news.

In this article, I precisely want to put my views on negativism that is being spread on social media over demonetization. Before that everyone should understand that government make laws and facilitate it's implementation. At the same time, it was a 6-month long TOP SECRET mission with no second chance. I repeat, 'NO SECOND CHANCE'! However, the success remained with the execution team. So, people have accepted that the intention of the government is fair.

1. Infrastructure was not in Place - Well, this was evident and people were warned in prior during the PM’s speech. Necessary directives were passed and enhanced as and when needed. This could be categorized as below-

Long queue outside the banks: Queues might be prominently seen during the initial days and customers will have to face such problems. Adding to their misery, politicians goes inside a crowded bank, to exchange their currency with 40 security guards. This kind of people instead of facilitating the move, try to deteriorate the situation. Simple management theory says that people can prepare for the average situation and peak situation is ought to face some glitches. We cannot open new banks just for 50 days and then close them. What we can do is, to add resources and try to distribute the load. This has been done as said by SBI chairperson. Hence, as a responsible citizen, we should prioritize and avoid going to the bank in the first week unless its urgent. We can educate the people around us and ask them to keep calm.
ATM - ATMs saw two kind of problem, Cash crunch and technical glitches. Cash crunch is obvious due to limited space in the machine and sudden surge in the demand. Since one ATM machine can accommodate Rs 100 notes of approximately.8.8 lakh by value. At this moment, as a responsible citizen, we can share our cash reserves and go digital as much as we can.

Technical glitch was because the machine software was not upgraded to handle new notes. For the mission to be successful, secrecy was eternal. Hence, time to upgrade all the ATM machine (approx. 2 lakh) was 2 days, after the Prime minister’s announcement. For the fact, there are just 3-4 agencies all over the country with a limited workforce who look after these upgrades. Hence, executing this humongous task is a challenge and might take some more time. GUYS please do not go to exchange money just to pose a selfie with Rs 2000 note.

I also came across a post which read as, ‘Arun Jaitley said that 2-3 weeks to calibrate ATMs for new currency’. Well, he meant, calibrating all 2 lakh ATM machines will take that much time. Isn’t that fair amount of time? Can’t we sacrifice a bit for a greater good. We keep on blaming government is not doing anything. And when it does, we are not ready to come out of our comfort zones.

So who is responsible!!

2. News saying few hospitals are not accepting 500/1000 notes and denying services - This came to my knowledge through social media and tweets from journalists of certain media houses. The government has already mandated that these currencies will be accepted at the hospitals. I am not sure about the vested interests that such media houses have, but they need to be more responsible in reporting. They should be exposing the hospitals and help the government to act against them instead of targeting the government.

So who is responsible!!

3. Speech of Delhi CM, Mr Arvind Kejriwal - Although it is pointless to give him any importance, I observed few points from his speech. He was rhetoric about Ambanis, Adanis and so on, are not standing in queues outside the banks. Well, I have neither seen him or any of his colleagues per se. Also, when did we see them in the bank before the decision was made. He also made allegations that Honorable PM had leaked the news to them. Again same old spit-and-run tactic which people have stopped buying. Lastly, he revealed that people are converting their black money through brokers. Well, this indicated two things. Was he trying to tell people ways to convert their money? Is he doing the same thing that NDTV did in Pathankot. And why don't he work towards stopping such malpractices instead of criticizing the PM for vested reasons.

So who is responsible!!

4. Currency is being exchanged with gold - It is the sheer responsibility of we people to support the government. But the nationalism dies when it comes to our interest. As a citizen, why can’t we take a stand and not accept such currencies. We complain that black money is being restored in the form of gold, but who is facilitating this? However, government did try to check this and has asked for CCTV recordings from all the jewelers from 8th November and the gold stock lying with them. Imagine, what will you say, if police start shadowing each and every citizen.

So who is responsible!!

5. Whatsapp messages to create hoax - Government will not spread rumors about itself. It is us, who do not verify the news and keep forwarding. This results in the chaos. Instead, we could have used the same platform to spread information and facilitate the transition smoother.

So who is responsible!!

6. What is the point of re introducing 2000 note, since it will lead to black money again - I want to ask you, why do you clean your house when to be dirty again. I think you got your answer. Apart from that, this time demonetization is accompanied by better financial infrastructure with more and more people as a part of financial inclusion. Hence, it will take some time before it gets dirtied again. It is a part of the process which has to be exercised quite often. The previous governments didn't do; it was their problem!

Government is tracking the progress of the scheme 24*7. The Prime minister is devoting day and night to resolve the unwarranted situations arising in the largest democracy with such a diverse composition. I strongly believe that the honest and the poor will be real beneficiary after 30th December. After all, it is about theory of demand and supply. Be it in terms of better credit facility, lower interest rates or relief in tax slabs, that time would tell.

In the end, it’s all about what our priorities are. Everything depends on the fact, ‘what is there for us’. Everyone is with the truth, what matters is, whose piece of truth- The government or the Opposition? Moreover, the attitude of opposition is very dangerous for the country. Instead of healthy criticism and improvising the initiatives of the government, they are staling the good work by creating illusion around everything.

You know why America is great? If you have had heard Hilary Clinton's speech after election results, you would have got the answer. The keep personal grievances and differences aside during national crisis and stand together with the Head of the state. The assassination of Osama Bin Laden was one such example. Hilary said that,

"Donald Trump is going to be our president. We owe him an open mind and the chance to lead. Our constitutional democracy enshrines the peaceful transfer of power."