This has been a debating issue since the time, the decision by our Honbl’e Prime Minister has been taken of Demonetizing the notes of Rs. 500/- and 1,000/-. The day was a fusion of both Panic and Support. Panic, because from the very next day, the currencies would just become nothing more than a piece of Paper, difficulty in purchasing day to day items like vegetables, milk, bread etc. ATM’s were filled with the people who were standing in the queue and waiting for their turn to arrange for the change. From the very moment after the declaration of this decision, views in a row started coming on facebook, twitter and everywhere. Even jokes on whatsapp could be seen coming from one another. And all debate on just one point- will this step curb the monster named “Corruption”? While experts worry about the loss the economy is facing, maximum number of people can be seen supporting this step and consider it very essential for the economy. According to the experts, the idea of demonetization is good but it has to be taken into consideration that most of the black money is kept either in the form of Gold, land, buildings or kept abroad.
No doubt, because of this step, a situation of Hustle and Bustle has been appeared before all. Vegetable sellers are incurring losses because no- one is buying vegetables at the current rate. Even the houses where a marriage ceremony is there, they are facing a lot of problems. They are just allowed to take Rs. 2.5 lakh for marriage purposes. And thanks to the new regulations and terms of RBI, parents are facing many difficulties in getting their children married. News of people committing suicide because they are not left with a single penny, they are finding it very difficult to arrange for two square- meals. People are finding it very difficult to stand for hours in a long queue and then returning back home empty handed. Why? Either bank or ATM is over with cash. Many can be seen spending nights outside the bank so that they could arrange for some money the next day, the bank opens. The economy has also incurred huge loss because of this. N number of peoples can still be seen standing outside banks and ATM. The new currency of Rs. 2,000/- is unable to help the people totally, rather it is creating a problem for Change money. Small vendors are not able to sell their goods and items and even in some places, they are left with no option, but to lower the price.
But, keeping in view the current situation, the Government has decided not to take any toll tax at toll plaza. The deadline for use of Old Currency notes have been increased by government till 15th December, 2016. Farmers can get the seeds by using old 500 currency notes. But, still in some shops, they are waiting for official written order. And because of that, farmers are facing a lot of problems. Even this fact cannot be denied that there is an increase in number of people who have committed suicide because they are not able to get cash and there is an urgency in their homes, somewhere, they have to get their daughters married, somewhere any family member is admit in the hospital. And some have to arrange money for buying grocery items as grocery stores are not accepting old currencies. People are also dying standing in the queue for waiting for so long to get their money. Even a Bank Manager died handling the public. A number of more than 50 peoples have died reportedly till date. Sad, but truth. And this fact cannot be denied that the Local Economy has been disturbed. It has been disturbed very much. No doubt, after demonetization, people have deposited their money with the banks and the banks have enough money to give easy loan services to people and at cheap rate, but the current situation is something which needs to be worried about.
Now the people in support of this scheme give an argument that it is beneficial in long run. It will bring transparency in dealing. The economy is heading towards cashless like a village “Akodara” in Gujarat. There you will find swiping machines even at a grocery store. Everyone over there has a bank account and people are doing transactions using electronic modes. But, a lot of work had been done before that to make it happen. It did not happen overnight. Likewise, a proper planning was required for that. A lack of proper planning could be seen in this case. There are a very few ATM’s from which a note of Rs. 2,000/- can be withdrawn. And because of that, people are facing problems. But still, according to a recent headline in the newspaper, people are returning back to the stores and 80-90% transactions are done using cards. No doubt, after this decision, changes can be seen coming. People are using electronic modes of payments such as Pay tm, Debit cards, and there is an increase in the demand of swipe machines. Even some of the Auto Rikshaws can be seen accepting Payments through Pay tm. Undoubtedly, a grand salute should be given to the bank employees who are doing so much hard work after this decision. But, it feels that some more counters should have been opened for depositing and withdrawing work. In some places, both the people are standing in one line. More number of counters should have been opened for that.
Over all, it can be said that the step was excellent, and the ambition of Honbl’e Prime Minister to turn India to a cashless market is a dream which would definitely bring transparency in the transactions, but unfortunately, there are still people who do not have a bank account (despite of Pradhan Mantri Jan Dhan Yojna). There are still many people like Milk seller, flower seller, who deal in day to day transaction. They still do not prefer to take cheques and many of them do not have a swiping machine. What about them? That is a question mark. People need to be encouraged to move towards doing e- transactions as said by Honbl’e Prime Minister in the latest telecast of “Man Ki Baat”. It will definitely take some time, but if implemented, it will be very much beneficial for everyone. Electronic transactions should be encouraged in Gold Markets also as it will create a lot of transparency in the dealings done by anyone. There will be a record of every transaction done by one person. This will also help those to bring their business to a proper track which is getting effected after demonetization if they introduce e- transaction system. This was a necessary step which was required to be taken in order to curb the monster named “Corruption”. This will definitely work if implemented properly. It can be said that this was a trap of the Central Government so that the money is finally deposited in the Bank and it would give a record of how much money is being kept in the form of black money and it would help the government to know about the culprits. And to the over- intelligent people who are depositing their money into the account of others, a new Regulation of RBI that depositing their money in other account will be punishable with imprisonment up to 7 years. It can be seen that today, slowly and steadily, things are returning back to normal. This would not happen without the support of General Public. Our Honbl’e Prime Minister is a far sighted person. We need to show some trust towards him and support him and help him end this monster named “Corruption”.