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This is how the foreign media interpreted the demonetization move of the government.
“The rich will not suffer, as corruptly acquired fortunes have almost all been converted to shares, gold and real estate. But the poor, who make up the bulk of the nation’s 1.3 billion people, will lose out. They don’t generally have bank accounts and are often paid in cash. For them, getting to a bank and queuing for hours will cost money and time they don’t have. In less than a week the policy has reportedly claimed more than a dozen lives. The government says that it will take weeks to sort out the problems,” an editorial said.
“Mr Modi’s scheme has more in common with the failed experiments of dictatorships which led to runaway inflation, currency collapse and mass protests. While Mr Modi campaigned to end corruption, it would have been better if the government had updated its antiquated tax system to realize such a task,” it added.
The New York Times
“Cash is king in India. It is used in an estimated 78 per cent of transactions, compared with 20 per cent to 25 per cent in industrialized countries like Britain and the United States. Many people do not have bank accounts or credit cards, and even those who do often must use cash because many businesses don’t accept other forms of payment,” the article read.
“At least, that was the plan. The change, however, has thrown the economy into turmoil, with many millions of people forced to line up at banks to deposit or exchange their old bills,” the editorial read.
“What seemed at first to be a masterstroke by Prime Minister Narendra Modi now looks like a grave miscalculation… What’s changed in a week? Well, for one, it’s become clear that the government was simply too cavalier in its planning. Now that 86 percent of India’s currency is no longer valid, the central bank has struggled to print replacement denominations — and the new notes are the wrong size for existing ATMs. Modi’s asked people to be patient for 50 days, but the process could take as long as four months,” Bloomberg said.
“Few villagers have access to an ATM. Most have to trek to a bank branch to change their cash, which means losing out on crucial days of labor. Many Indians, particularly women, still don’t have an active bank account. Finance Minister Arun Jaitley wondered aloud how many poor people would even have 1,000-rupee notes — probably a rhetorical question, but surely it shouldn’t have been. Someone should’ve sought the answer before shutting down India’s financial system,” it said.
“A currency note is a promise that must be kept, whatever the circumstances. Because this trust has been broken in India, queues have formed outside banks and ATMS, with banks closing down mid-way through the business day, saying they have run out of cash… Pro-establishment die-hards would snigger and argue that the two high value notes have been withdrawn to check black money. It had to be done in total secrecy, they say, to thwart nefarious attempts by hoarders to dump currency.
HUMBLE REQUEST TO READERS’ PLEASE SHARE THIS REALITY WITH OUR COUNTRY MEN, LET PEOPLE KNOW THE REALITY AND HOW WORLD SEES THIS DECISION
He asked Birbal, “How to replenish my wealth.”
Birbal: You can get it from Dhanna Seth.(merchant).
Akbar was amazed as to how a trader/ merchant could have so much money. Still he went to Dhanna Seth.
Dhanna Seth offered: Badshah Akbar, I have huge wealth, take as much as you want.”
Akbar: Dhanna Seth, How did you accumulate so much wealth. Tell me without any fear of punishment.
Dhanna: I earned it by adultrating grains & spices.
Akbar got angry, he took all of Dhanna’s wealth and ordered him that from then on he would collect the horse dung in his royal stable. Dhanna agreed.
Years passed by. Again Akbar had to fight a long drawn battle. Again his royal wealth exhausted & again Birbal advised Akbar to go to Dhanna Seth for help.
Akbar wondered : Birbal, I had ordered him to work in royal stable to collect horse dung, How on earth he can have such a wealth.”
Birbal: Badshah, you can ask him but only he can help you.
Akbar went to Dhanna. Dhanna gave Akbar huge wealth.
Akbar: Dhanna Seth, I had earlier taken all your wealth, How did you accumulate it again?
Dhanna: From the stable – incharge & horse attendants. They used to underfeed the horses. I threatened them that I will complain to Badshah that they did not feed horses enough, hence the horse dung quantity was less. So they bribed me to keep silent.
Akbar got very angry again & ordered Dhanna to start counting the waves at sea & returned to his Palace with Dhanna’s wealth.
As luck would have it, Akbar fought another war, royal wealth emptied out and once again Birbal advised Akbar to go to Dhanna Seth for help.
Akbar could not believe as to how Dhanna could earn so much by counting waves at sea.
Akbar asked Dhanna for the help.Dhanna: Badshah, Take as much as you want but this time around I will not change my profession.Akbar: Ok, but tell me how did you earn money by counting Water waves at sea.
Dhanna: Very simple, I used to stop merchant’s ships & boats far away from sea shore. I showed them your orders that I was counting waves & their ships & boats would disturb or break the waves hence their ships or boats should stay away. Badshah, these merchants then used to bribe me to let them reach the shore & unload their merchandise.
So Badshah understood that Dhanna Seth can earn by engaging in manipulations & bribery from any profession.
I read your article and appreciate your concerns about the Common man and also welcome your comparison of Mr Modi with Mohd Bin Tughlaq who had taken a number of funny decisions including shifting of Capital.However, maam it seems you have not read the history in its true sense and are deriving half cock lessons from it. Secondly, why go so far to medieval history, instead look at the recent history which is known to most of the countrymen.ONE, Your Rahul baba’s Great grand father without referring to his cabinet and even his Dy PM and Home minister Sardar Patel referred the Kashmir matter to UNO and declared cease fire when Indian army was on Roll and could have won entire Kashmir. Sardar Patel hearing this had remarked ; JAWAHAR ROYEGA. Maam I do not know if Nehru cried but the entire country is still crying for what he did. IT IS HE ; NEHRU WHO BEHAVED LIKE A TUGHLAK,
TWO, Once again Your Rahul Baba’s Great Grand father did not do anything when China occupied Tibet and literally bull dozed his view and also once again the advise of His Cabinet and Sardar Patel, finally got thousands of gallant Soldiers killed. WHO BEHAVED LIKE A TUGHLAK ; Nehru.
THREE, Dr Ambedkar was for Uniform Civil Code but Rahul Babas Great Grand Father humiliated him as a result Dr Ambedkar had to resign. Can you tell me WHO BEHAVED LIKE A TUGHLAK.
FOUR, Once again Nehru overruled his cabinet over Chinese occupation of AKSAI CHIN and said ; NOT A BLADE OF GRASS GROWS THERE. May I Know WHO behaved like a tUghlak
FIVE. These TUGHLAQUI Traits came in her daughter also who Nationalised Banks, Declared Emergency, Asked Indian army to enter Golden Temple. MAY I KNOW WHO BEHAVED LIKE A TUGHLAQ.
SIX, Rajeev Gandhi your beloved Neta Rahul babas father sent Indian army on a goose chase to Srilanka without the logistic support in a hurry to an extent even without the Maps. In the bargain 1500 soldiers died and 1500 injured. In a span of 2 years. MAY I KNOW WHO BEHAVED LIKE A TUGHLAQ.
Let me tell you maam Today you pick up any problem that India faces , you would find that the Root cause is ; MOHD BIN TUGLAQ NEHRU or TUGLAQ INDIRA GANDHI OR TUGHLAK RAJEEV GANDHI.
In my opinion You and your party as a result have got so obsessed with TUGHLAQ and as a result you find Tughlaks every where.
My take as below :
I am getting many forwarded message engineered to create doubts in mind of innocent people.
I will try to equip you to counter it with researched reply.
Some common disinformation as below :
Urjit Patel became Governor two months back then how come preparation started 6 months back as he has put sign on currency ?
First preparation for currency began 6 months ago. Preparation means concept, design & prototype & several round of approvals and corrections. It’s no different from what we do to produce garment. Only in last month it goes into production. It’s easy to understand for you and me. Those who circulate this are novice and don’t know subject well.
BJP has helped Ambanis & Adanis ?
The allegation of give and take with Ambanis are only a rumour no proof. Tomorrow I can say Arvind Kejriwal or Rahul is also funded by Ambanis and Adanis. You know corporate houses fund both parties as they are not fools to promote one against other. Ask yourselves One question how come Modi Govt imposed Rs 10000 Cr penalty on Reliance Oil of Mukesh Ambani which successive Congress govt couldn’t do despite courts had indicted them, if Modi was favouring them out of way ? Think….
Reliance converted black money through Jio launch ?
If Jio was launched free it wasn’t free at all if you do reverse costing. They Also sold phones with connection and if you calculate the price of handset in China you will know they made cool profits overall ! They are not fools as we think about them. I had to pay Rs. 7000/- handset ( a handset not costing more than Rs. 1000/- in china ) so I don’t know how this can be free ?
Urjit Patel related to Reliance ?
There is a system to elect RBI governor and the new governor belonged to the senior most team of Rajan. When Rajan or new governor joined RBI then it was not BJP who brought them into system. Urjit Patel was promoted as Dy. Governor of RBI on 11th Jan 2013 by CONG-UPA govt and Dy. governor succeeds Governor after retirement was not the system made by Modi. They must have chosen him on some sound background so now to say Urjit Patel is related to Reliance doesn’t cut ice.
Infact had Modi dismissed him the opposition had accused him for favouritism and conspiracy. Infact we should thank PM that he retained many high ranking officers appointed by UPA in his govt !!!
As you see these kind of vague and motivated accusations are circulated by Dirty trick department of Congress & AAP to create doubt and divert attention, and pressurise govt to rollback a historic, gutsy step in right direction.
Reality is Narendra Modi has done so much of work in last two years that they are afraid that he will come back. It’s all dirty politics rather than genuine politics in service of country. I can go on and on but I would like you to use your own wisdom to decide.
Give me example of any harder working prime minister any where in world then I will stop supporting Narendra Modi !! Can anyone tell me ?
If Modi is wrong then criticise him but if he is right then support him. That’s the only thing we should be doing as Indian.
Let me say, it was not easy to take such a huge decision to demonetise currency which is biggest since independence. No govt apart from him took such a big risk which if things had gone wrong his Govt would have collapsed.
The financial year will shift to Jan- Dec instead of April-March.
Announcement will be made on 30th December.
There is a strong possibility that Government may scrap Income Tax from FY 2017-18 and replace with Banking Transaction Tax (BTT). from 1st April 2017 possibility of only two taxes.
1. Direct Tax as BTT and 2. GST as indirect Tax.
How does the Government plan to remove black money from India ?
Step 1 : Demonetise Rs.500 and Rs.1000. get Rs.1420000 crores out of the market.
Step 2 : Print Rs.2000 and Rs.500 and Rs.100 in the replacement market.
Step 3 : Dismantle the cash economy by not allowing any cash transaction above Rs.10000 without PAN or Aadhar.
Step 4 : All salaries and business expenses required to be made in cheque or RTGS only to claim expenses in Income Tax. All cash transactions to be disallowed.
Step 5 : A Cash Limitation order will be issued that will allow only maximum cash allowance of total Rs.50000 per person.
Step 6 : As the cash economy is destroyed after a few months, the Rs.2000 note will be demonetised with a limited notice.
With very limited cash available in the market, the cash economy will be strangled to death.
Step 7 : As some of the cash economy will try to shift to Gold, Gold coins manufacturing and imports will be banned.
Step 8 : A Gold and Precious Jewellery control order will be issued which will allow only 500 gram of Gold per person and a certain value of other jewellery. Relaxation will be given for existing jewellery if declared to authorities as per format. After a certain date, all undeclared Gold and jewellery will be liable to be taken over by the state.
Step 9 : A Property and Asset Declaration order will be issued where all property (Land, Buildings and Flats) and shares will have to be declared to the authorities in a particular format. After a certain date, all undeclared property or shares will be liable to be taken over by the state.
That will complete the removal of black money from India.