Dust is far from settling down on the sudden move against black money and corruption. ‘Demonetisation’ or ‘Re-monetisation’, whatever one may call it, has shaken the whole country as 86% of total value of notes in circulation was sucked out of the system. Most importantly, it made the ill-gotten cash worthless, unless the corrupt hoarders found innovative ways to change their old notes.

The move was immediately hailed as a master-stroke by poor, middle-class Indians – an attempt to fulfil the major election promise by PM to recover black money. The opposition parties were too stunned to react instantly. But as the days passed and bank employees worked on war-footing; chinks started to emerge in logistics in terms of long queues, cash crunch, non-functioning and dry ATMs. Hard-working, honest people were affected. Harish, a poor carpenter, was distraught as he could not get Rs 5000 for the treatment of his only son. Ordinary working-class people are struggling to meet their cash demand and wasting many productive hours in queues.

Opposition parties were quick to criticise the government demanding a rollback of the scheme. Winter session of the parliament has been a wash-out till date. Most of the political parties were building up their war chest for election early next year which suddenly became worthless.

It is obvious that the pain will continue for some more time as many ATMs are still waiting to be recalibrated or stocked with new notes. This led to an emotional appeal by the PM, “I also feel the pain but…The long term gain would be the India-of-their-dreams”.

Source – https://timesofindia.indiatimes.com/blogs/voices/follow-up-demonetisation-with-structural-reforms/