On November 8th a historic step has been taken by the Prime Minister Narendra Modi to devalue the cash of 500 and 1000 notes. Is demonetization a Blessing or Curse We are still yet to understand.
Is demonetization a Blessing or Curse
From 9th November onwards an unimaginable chaos was plunged throughout the country who couldn’t believe that if they do not deposit the 500 and 1000 notes within 50 days those notes are equal to trash. This was such a huge decision to make and yet it was done silently. It came as a big shock to other government departments also.
By announcing the deadline Modi pushed the whole country to a state of panic. People had to stand in queues day and nights. Though the true numbers won’t come out, people felt the pain and many died be it emotional shock or other reasons.
This sudden announcement of scrapping the hard earned savings people had in hand if they do not deposit created a huge chaos impact as several lakhs of population did not even have bank accounts.
After being through the pain of depositing in their account people came to know that in exchange they get Rs.2000 notes. This was not an easy task as people after getting the restricted amount of only 4500/- per week; they can’t get change of lower denominations for the notes.
Few days later, even the petrol bunks and hospitals refused to accept old notes or give change (lower denominations 100 / 50) for new ones neglecting government guidelines. It’s a big wonder how such a vastly populated country, which depend to make up to 90% transactions by cash has even survived this sudden decision.
People of the country only believed that they are doing this for creating better future for their next generation, or as told by Narendra Modi. People believed that this would be good for the economy and poor can be helped in better ways.
50 Days deadline passed
The deadline for depositing old notes has passed. People rushed to open bank accounts, waited in queues, struggled for change of smaller denominations, cancelled or postponed weddings (because only Rs.2.5 lakh was given for marriage purposes).
Thousands of people struggled who happened to be in a travel or vacation (we can only imagine carrying cash in other state and no one is ready to accept), many old people who were not used of standing in queue died, many lost jobs, and the blow that stock markets took was humongous.
People went through it by believing that the black money wealthy or super rich were hiding can be brought to governments account and be used for betterment of common man.
Even 60days has passed, yet people are waiting for the better days PM has promised them. How many millionaires were affected by this decision has not been proved yet but the lower middle and common man has suffered severely.
Many people are yet to understand how to make online transactions safely. Is demonetization a blessing or curse to common man? There are still crores of old people throughout India who do not know how to use a modern smart phone, so making online payments is even far to be understood.
On the other hand India has to get ready for the follow up of cybercrimes which other major economies were prey until now. What kind of good future Narendra Modi can really bring while the present economy has taken a blow we are yet to find out.