COLOSSAL MISHANDLING OF DEMONETIZATION
I have penned praise for this initiative of the Modi Govt to delegalize the Rs. 500 and Rs 1000 currency notes.
But little did I know that the way it was implemented was wholly thoughtless and completely misgoverned.
IF YOU HAD RS. 1,00,000 IN YOUR BANK ACCOUNT – AND EVEN IF YOU DID NOT HAVE A SINGLE NOTE IN CASH – EVEN THEN YOU CANNOT WITHDRAW YOUR CASH IN EXCESS OF RS. 10,000 A DAY until 18th Nov.
Indeed, how patently illegal?
So what is happening to all those:
– construction contractors, builders et al who have to make the payment to their daily labourers in cash?
– APMC’s and other adatiyas operating in agricultural produce procurement and marketing where they must pay the farmer in cash for their daily vegetable and grain purchases?
– marriages and other scheduled celebrations during this period: buying grocery, paying to the cooks and the caterers, decorators…?
– who are sick, on the surgeon’s operation table, and the doctor won’t take the cheque?
I do think and hope that this WAS NOT the intention of the Government. But unfortunately this is the reality on the ground.
Very, very sad, if my understanding of the issue is correct.
A small question:
What was the problem if the people WHO DID NOT HAVE ANY 500, OR 1000 RUPEE NOTES were allowed to withdraw from their existing balances?
Or who deposited such notes but this new deposit money was frozen while old and existing balances were allowed to be withdrawn?
At least half the present misery would have been reduced without diluting demonetization significantly.