Daring demonetisation
Editorial

Daring demonetisation

December 25, 2018

Sending the country’s two high face value (denomination) currencies to the museum as it were on November 8, 2016, reportedly resulted in nearly 86 percent of transactional cash with people vanishing in public domain. The plight of those who needed cash in currency of the entire range of low denominations filled the columns of dailies of all hues but didn’t fill their pockets nor the cash chest of ATM machines all over the country. The panic situation, after reaching its peak level, invited the curse of aam janatha, the nation’s Prime Minister and Finance Minister taking the brunt of the curse of 130 crore people. The nearly 10 lakh staff of the banking sector were made to look like mute witness to the cash famine-like goings on. The worst hit, according to reports in the media, were the traders of consumer goods of all descriptions. The dramatically announced measure of demonetisation, ostensibly to rid the nation of unlawfully accumulated as well as undeclared cash in addition to fake currency, reportedly met with only a partial success, as the whales got away daring demonetisation.

The damage control steps, taken in a hurry by the government and the nation’s Reserve Bank, namely printing newly-designed paper currency exposed the unpreparedness on the part of authorities to bring the offending flock to book. However, the land’s people seem to have learnt that there is wisdom in the idiom ‘A bird in the hand is worth two in the bush.’

The country’s money worth of all transactions by the traders in consumer goods, both fast moving and durables, amounts to several trillion rupees. Thus, freezing 86 percent of cash in their hands, like the proverbial bolt from the blue, virtually paralysed both the sellers and the buyers. A study by a team of the Reserve Bank of India revealed a shift to currency holdings in preference to deposits of different kinds, including provident fund by large sections in the population, particularly in urban areas. The rustics had to manage with small denomination cash, whatever the urbanites didn’t grab.

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While a few States witnessed households favouring bank deposits in the financial year 2017-18, growth of deposits plunged nationally to the lowest rate of 25 percent, showing that households prefer cash for transactional needs, notwithstanding demonetisation. Further, the deposit behaviour appeared to have resulted in a shift to savings deposits, away from term deposits. Lastly, issues of fake currency and unaccounted wealth continue to be talked about by the chatterati.

9 COMMENTS ON THIS POST To “Daring demonetisation”

  1. Anantha Raju says:

    In some cases money is kept away and forgotten, only finding such money long after the time for exchanging or depositing, losing some amounts causes heartburn.

    • Sunil says:

      I can understand the heartburn! I too found a few thousand rupees that I left in a briefcase a month after! But I console myself that money had aleahdy losta lot of its value due to inflation and even without demonitization i would nor have recejved more than 35 percent of its worth! I considered it as a price that an honest man had to pay to see that many crooks lost a lot of black money due to demonitization !

      • syed matheen says:

        No body lost anything as per RBI report published on Aug 29 2018, these two notes accounted for Rs15.44 lakh crore circulating in the Indian economy, or 86% of the total by value. So according to the RBI report, Rs15.31 lakh crore returned approximately 99% to the banking regulator. None of the original objectives have been met. Some of the other objectives laid out fighting terrorism and corruption, even that has clearly not been achieved. It was a national waste and claimed so many lives, spoiled so many weddings, spoiled small scale industries and huge lost time hours standing in lines.

  2. N.A.Khan. says:

    Demonitesation is a bulshit idea of BJP Led Govt. In foreign countreis public will recive new currency through Banks or ATMs without any propeganda, like in Saudi Arabia new currency has been released and all nation has been recived as usual as before without struggling or wasting time by standing in lines, Indian govt. should seek a lesson from S.A.

    • Q.A.Khan says:

      Saudi Arabia is a great model for democracy! There is a lot of freedom of expression, Unlike India, there is no BJP or RSS to curtail the freedom of expression! Press is also free! We can organize marchmarcheS against the rulers and even call them “chor”¡ in fact even Saudi rulers hugged and Modi showed a lot of respect to words them! M9di should strive hard to learn how to implement democracy in india from them! Even Triple Talaq is not any issue their and all the women are happy with their law! BJP should make amendments to ensure our constitution also is altered as per the Saudi law! Also, there in Saudi Arabia all the religions are treated equally and people are free to practice their religion in public!

    • SYED says:

      The difference between India and Saudi Arabia is, India is a namesake democracy elected by the majority of stupid citizens while Saudi is a true democracy run by really guenine people! Even Pakistan is a better democracy than India! India tries to appease the majority and torture Muslims in Kashmir and other areas, while in Pak all religions are treated equally! Have you ever heard of a Hindus or Sikhs suffering in Pakistan ? They are all peacefully! Here we hear tortured to Muslims on a daily basis! Even Fake stories like millions of Hindus , kashmiri pundits were killed or thrown of kashmir is a pure rumor started by RSS . Even 26-11, attack on parliamsnt were masterminded by RSS and Afzal guru and Kasab were hanged without proper trial Do you call this democracy? There is not a single day in India where Muslims in India are living peacefully!

  3. Annoyed says:

    Syed, S A Khan, why don’t you guys move to that Great Democratic Country of Saudi Arabia? By the way, have you heard of Adnan Kashoggi, who was brutally murdered in Turkey by the DEMOCRATIC GOVERNMENT OF SAUDI ARABIA? Any Muslim who doesn’t like living India is free to leave India, we will even raise money to help you guys leave India. Just hurry up and leave!

    • Raju says:

      You totally misread their reply! They are not interested in leaving India to settle in pak or Saudi! They want to make India an Islamic nation where they get the fundamental right to treat you like how Hindus are treated in Pak! Modi and BJP is a huge bottleneck for their plan! Congress in their appeasement politics was almost very close to making their dream come true. 4 million Kasmiri pundits were murdered under their watch and Congress did not even raise a hoot! That is why these Islamic warriors are upset that BJP is too Hindu for their idealogy! That is why time and again they call Modi a murderer even after Supreme Court cleared his name!
      They are not looking for one way ticket cartoon Saudi or pak! They are already traveling to Haj free of cost provided by our government every year!

    • Swamy says:

      Please read this research article! You will find the answer to their behavior

      By Dr. Peter Hammond
      FrontPageMagazine.com

      The following is adapted from Dr. Peter Hammond’s book: Slavery, Terrorism and Islam: The Historical Roots and Contemporary Threat:

      Islam is not a religion nor is it a cult. It is a complete system.

      Islam has religious, legal, political, economic and military components. The religious component is a beard for all the other components.

      Islamization occurs when there are sufficient Muslims in a country to agitate for their so-called ‘religious rights.’

      When politically correct and culturally diverse societies agree to ‘the reasonable’ Muslim demands for their ‘religious rights,’ they also get the other components under the table. Here’s how it works (percentages source CIA: The World Fact Book (2007)).

      As long as the Muslim population remains around 1% of any given country they will be regarded as a peace-loving minority and not as a threat to anyone. In fact, they may be featured in articles and films, stereotyped for their colorful uniqueness:

      United States — Muslim 1.0%
      Australia — Muslim 1.5%
      Canada — Muslim 1.9%
      China — Muslim 1%-2%
      Italy — Muslim 1.5%
      Norway — Muslim 1.8%

      At 2% and 3% they begin to proselytize from other ethnic minorities and disaffected groups with major recruiting from the jails and among street gangs:

      Denmark — Muslim 2%
      Germany — Muslim 3.7%
      United Kingdom — Muslim 2.7%
      Spain — Muslim 4%
      Thailand — Muslim 4.6%

      From 5% on they exercise an inordinate influence in proportion to their percentage of the population.

      They will push for the introduction of halal (clean by Islamic standards) food, thereby securing food preparation jobs for Muslims. They will increase pressure on supermarket chai ns to feature it on their shelves — along with threats for failure to comply. ( United States ).

      France — Muslim 8%
      Philippines — Muslim 5%
      Sweden — Muslim 5%
      Switzerland — Muslim 4.3%
      The Netherlands — Muslim 5.5%
      Trinidad &Tobago — Muslim 5.8%

      At this point, they will work to get the ruling government to allow them to rule themselves under Sharia, the Islamic Law. The ultimate goal of Islam is not to convert the world but to establish Sharia law over the entire world.

      When Muslims reach 10% of the population, they will increase lawlessness as a means of complaint about their conditions ( Paris –car-burnings). Any non-Muslim action that offends Islam will result in uprisings and threats (Amsterdam – Mohammed cartoons).

      Guyana — Muslim 10%
      India — Muslim 13.4%
      Israel — Muslim 16%
      Kenya — Muslim 10%
      Russia — Muslim 10-15%

      After reaching 20% expect hair-trigger rioting, jihad militia formations, sporadic killings and church and synagogue burning: Ethiopia — Muslim 32.8%

      At 40% you will find widespread massacres, chronic terror attacks and ongoing militia warfare:

      Bosnia — Muslim 40%
      Chad — Muslim 53.1%
      Lebanon — Muslim 59.7%

      From 60% you may expect unfettered persecution of non-believers and other religions, sporadic ethnic cleansing (genocide), use of Sharia Law as a weapon and Jizya, the tax placed on infidels:

      Albania — Muslim 70%
      Malaysia — Muslim 60.4%
      Qatar — Muslim 77.5%
      Sudan — Muslim 70%

      After 80% expect State run ethnic cleansing and genocide:

      Bangladesh — Muslim 83%
      Egypt — Muslim 90%
      Gaza — Muslim 98.7%
      Indonesia — Muslim 86.1%
      Iran — Muslim 98%
      Iraq — Muslim 97%
      Jordan — Muslim 92%
      Morocco — Muslim 98.7%
      Pakistan — Muslim 97%
      Palestine — Muslim 99%
      Syria — Muslim 90%
      Tajikistan — Muslim 90%
      Turkey — Muslim 99.8%
      United Arab Emirates — Muslim 96%

      100% will usher in the peace of ‘Dar-es-Salaam’ — the Islamic House of Peace — there’s supposed to be peace because everybody is a Muslim:

      Afghanistan — Muslim 100%
      Saudi Arabia — Muslim 100%
      Somalia — Muslim 100%
      Yemen — Muslim 99.9%

      Of course, that’s not the case. To satisfy their blood lust, Muslims then start killing each other for a variety of reasons.

      ‘Before I was nine I had learned the basic canon of Arab life. It was me against my brother; me and my brother against our father; my family against my cousins and the clan; the clan against the tribe; and the tribe against the world and all of us against the infidel.” Leon Uris, ‘The Haj’

      It is good to remember that in many, many countries, such as France, the Muslim populations are centered around ghettos based on their ethnicity. Muslims do not integrate into the community at large. Therefore, they exercise more power than their national average would indicat

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