No doubt there is long time impact on the demonetisation if one has to believe the Union Finance Minister Arun Jaitely but what about the present situation. There is no doubt it is the common man who is the worst affected because of the currency squeeze. As far as check on growth of black-money it is concerned it is a hypothetical presentation which government after running around in search of the hidden black-money abroad in safe heaven turned futile. The late realization that unaccounted money the government was looking is stocked within the country and not outside only has added to the woes of common man who has been standing in queue for the last one week to get his dead Jandhan converted into a live one to survive. Arun Jailtely’s assertions of future comfort pales in front of present day struggle of common man. The country man has no option but to follow the dictates. Government took three years to come out with such measures to check the surging economy. People are facing difficulties in purchasing medicines, buying bus and train tickets and paying for auto-rickshaws because most of the notes in circulation were of Rs 500 and Rs 1,000 denominations. The government says withdrawal of notes that are highly in circulation will not affect the common man. That is quite a funny statement. In 2012, the Central Board of Direct Taxes had advised the Centre to avoid issuing Rs 2,000 currency notes, saying it would bring more harm to the public than benefit. Ignoring it, the Centre has withdrawn Rs 500 and Rs 1,000 notes that are highly in circulation. The 86 per cent of the total value of currency notes in circulation was in the denomination of Rs 500 or Rs 1,000. Now by making them invalid the whole of economy has been impacted. So would be the future also.
