By Daya Sagar
Demonetisation is not the end but beginning of our deep and continuous struggle against black money and corruption,” has said Prime Minister Narendra Modi.
Demonetisation of Mahatma Gandhi series notes of Rs.500 and Rs.1000 was announced by Prime Minister at 8 pm on 8th November worth taking effect just four hours after that. India in 2016 is a country of around 1350 million people (1210 million as per 2011 census ) with 63,8593 villages (59,3731 inhabited by 68.85 % of Indian population as per 2011 census) , there may be over 1,20,000 branches of only the scheduled commercial banks as on date (leaving aside cooperative / small sector banks / financial institutions), over 2,00,000 ATMs in November 2016, India a country of around 32,87,000 sq Km, a country with population density of around 415 to 420 persons / km2 ( 382 persons /km2 as per 2011 census ) and above all the demonetized 500 & 1000 INR notes forming the more than 86 % of the total currency value in circulation (Currently Rs 17,54,000 crore worth of notes are in circulation according to the RBI’s database on the Indian economy. Of this Rs 500 notes constituted almost 45% of the currency in circulation while 39% of the notes were of the Rs 1,000 denomination and as per RBI’s latest Annual Report total Rs 16.42 lakh crore value of bank notes were in circulation as on March 31, 2016) are the indicators for understanding how tremendous was the challenge that the Prime Minister had taken in calling back almost whole of the currency with a single time stroke. These figures should be enough for anyone to have an idea of the magnitude of the management problem that the Government was to face by such like near total demonetizing of the currency in such vast country with so large and spread distribution of the beneficiaries. The problems that the government had to face in placing the replacements could be well imagined, rather it will not be wrong to say that the challenges before Modi were “monstrous” and still the Prime Minister had taken that. Prime Minister had promised the nation for laying heavy hand on the “Corrupt” regime as well as the black money , it was surely getting late , so surely it was for the reason of not getting hopeful response from the normal installed executive and legal instrumentation that the Prime Minister dared for the extreme venture. So, no doubt such like ultimate actions by any government do reflect the failure / helplessness of a government to tackle effectively generation of black money / theft on the state exchequer by the established administrative & legal methods.
With near total demonetization in a spontaneous stroke people were sure to face problems for assessing their own money but the problems being faced would have been reduced to some extent had the administration too worked that committedly as had been the expectations of Prime Minister. The data base mentioned herein gives the idea of the tremendous job that RBI, Banks, Administration were expected to do with extra speed. The controversies too have grown since some people started entering into debates instead of taking some hints from criticism worth applying some corrections where ever it was possible. The politicians have to crave for political mileage and hence more seriousness was expected from non political elements.
Modi has said he has much more to do, surely people are expecting much more from him as the present action is only laying hands on the “corrupted money” lying in cash – stock and “125 crore” Indians would be hopefully hoping to see how Modi ji deals with the “Machine Mother Corruption” that generates black money the “key” to “engine” of what is held by the Government machinery.
….. To be continued
(Daya Sagar Sr Journalist & Social activist and can be reached at [email protected])
