“To break the grip of corruption and black money, we have decided that the 500 rupee and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is, 8th November 2016”, said Prime Minister Narendra Modi announcing demonetisation a year ago that took everyone by surprise.
Lots of divergent views have been expressed over note ban with analysts digging deep into the subject to study the pros and cons.
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Online transactions witnessed a steep hike initially while they plateaued gradually to signify, in Indian economy “cash is still the king.”
Hiccups temporary, economic growth tremendous, said BRICS Bank Chief K V Kamath ruling in favour of PM Modi’s decision.
“It was believed that the dramatic move would have positive impact and the so-called black money would be cut back. But statistics released by the Reserve Bank of India (RBI) show that 99 percent of the demonetised currency came back into the system”, said Aashish Joshi, a chartered accountant, questioning “Was demonetisation pain worth it?”
Small retailers report further losses but support BJP, says one report whereas Kiran Sharma, a mother who mourns a baby because a hospital refused her old notes. Sitting on the only cot in their one-room home in Govandi, a Mumbai suburb, Kiran said that she had been frequently bursting into tears ever since she lost her son.
NK Tv took to streets of Mangaluru to check the ground reality a year after the note ban. Citizens and netizens of coastal city in their reactions were neither in favour of nor against demonetisation, a 50:50 verdict to leave us in a more confused state!
Few of the interviewed felt, common man and woman have not been heard enough, though they are the ones that most felt the pain when money suddenly became scarce and their way of life was shaken to the core while the wealthy easily managed to sail through the period as none of the affluent stood in queues to exchange currency.
Note ban was essential but it’s implementation very poor as it lacked planning putting people’s lives in jeopardy, opined others endorsing the views of opposition parties,who stood against note ban.
Releasing Rs 2000 notes first caused immense inconvenience to public as we ended up searching for lower denomination notes in scarce that time, said few others.
Rest agreed with BRICS chief’s perspective and remained hopeful of better and brighter days ahead.
The pain was spread across the country with over 100 deaths reported and suffering lasting for several weeks and months but no one is sure today whether all the sacrifices by the common man and woman resulted in any real benefit.
Bank employees shouldered the worst of demonetisation, said unions talking of their plight.
Take a look at Mangaloreans’ views to know whether the glass is half empty or half full, a year after demonetisation in this episode .
