The Surgical Strike on Black Money

The Surgical Strike on Black Money

(Editorial in Hindu Voice, December 2016)

The Surgical Strike on Black Money, announced by the Prime Mimister on the 8th of November 2016, making 500 and 1000 rupee notes no more legal tender, has shaken the entire country. While more than 90% of the people have welcomed it,  about 10% make a lot of hue and cry about the demonetization.

Look at the salutary effects of the demonetization:
 
1. In one stroke 100% fake currency made out of circulation. This is probably one of the greatest change that is taking place. This is exactly the reason behind this uproar, this madness from media and politicians, of course they are supported and backed by anti Indian forces.
 
2. Cash lying with terrorists, maoists, naxalites, Jihadis, etc. to create chaos and terror have gone waste!. Criminal activities have also come done.
 
3. Hawala sources dried up for funding of terrorists, maoists, naxalites, conversion lobby and Jihadis. As we know there is a considerable decrease of violence in Kashmir after this decision. Once the funding stopped, there wont be any riots in the valley and we are already witnessing the live effect!
 
4. Kashmir back to normal, schools are opened, normalcy in the valley, no schools burnt, you wont find any stone pelters these days!
 
5. Jan Dhan accounts are fulled with money, Government started this scheme for financial inclusion purpose, but people were reluctant to keep money in the bank, but after demonetization started, citizens are ready to come back to the banking network and thereby our banking system strengthened, citizens will be the beneficiaries of financial inclusion!
 
6. According to reports, nearly 5 lakh crore money, already deposited in the banks!
 
7. All business men are depositing cash lying with them as current year income with Advance Tax.

8. All jewellers are being issued forms to declare their GOLD stock on day to day basis!
 
9. Defaulters of bank, property tax, electricity bills, telecom bills are clearing their long pending bills.

10. Defaulters of all kind of taxes are clearing their dues!

11. Small vendors started going digital and already using APPS, digital forms of transactions and digital wallets!

12. Business men are declaring their black money as income and paying advance tax, we have seen many such examples in the recent days as many of them are coming forward and declaring cash lying with them as black money and paying taxes!

13. Price level is expected to lower due to moderation of demand. In consumer goods, prices are expected to fall marginally. However, for real estate and property, the prices are largely expected to fall, especially in sale of properties where major part of transaction is done in cash.

These are the immediate benefits of currency demonetization. There are many other benefits but we focused on some important immediate effects! 

But there are some flaws in the implementation of the scheme. First and foremost, why should I am being asked to go to the bank personally with ID proof, to withdraw money from my own account? What was the need for it now? I have been sending my assistant to withdraw cash for the last many years. The same procedure could have been continued even now. The bank is having all my personal details.

This new procedure of asking the actual account holder to come to the bank personally with ID proof to withdraw cash has caused many serious problems, especially to the senior citizens. Had this new procedure not implemented - and the old one is followed - I am sure the death of some of the senior citizens during standing in the queue could have been avoided.

Similarly, while depositing cash also, personal appearance of the account holder could have been avoided, and in their place, their relatives/assistants could have deposited the amount. The bank is having the entire details of the account holder, including their IDs. Hence they need not worry about the depositors.

But what is indeed surprising is that inspite of such a drastic action affecting almost every citizen of this country, there is no riot or fight, during queuing up before banks. The extraordinary patience shown by the people must be commended. This is inspite of the fact that some of the politicians like Kejriwal, Mamta and Yetchury, wanted to create riot-like situation in the country, so as to compel the Govt. to roll back the scheme. 

Even our Supreme Court did not lag behind. Why was it necessary for the CJI to suggest that riots could happen? Is this not a malicious statement? One can expect such an irresponsible statement from an ‘anarchist’ like Kejriwal, but coming as it is from the Supreme Court, is indeed shocking.

Some of the media persons, such as Ravish Kumar and Rajdeep Sardesai, who asked provoking questions to persons standing in the queue, to incite violence,  got a good slap.

It is proved beyond doubt that the people of this country have absolute faith in Narendra Modi, after seeing his work as the Prime Minister for the last 21/2 years. This is also confirmed by the recent election results from many states. With his sincerity, hard work, honesty and dedication, people might think that, if it is not Modi, no other person could take this type of drastic step to curb black money. Thus Modiji has created a niche for himself in the heart of every Indian. Because, no one was complaining about demonetizations or any inconvenience. The people have understood well that this is a short-term pain for long-term gain.

We can now say that the people of this country have become mature enough to understand the good intention of the government. They will not get provoked by the selfish politicians, the irresponsible Supreme Court and the ‘Paid’ media. Thus, we can proudly say that India has become a mature democracy and is on the path
to become the Vishwa Guru.