A logical conclusion for Demonetization

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21 Nov, 16 12:56
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The demonetization drive has been in news for more than a week now. While the core concept is encouraging and visionary, the present chaos is not easy either. Having a bank account with a debit card is a good privilege level while having an internet banking account and ability to buy stuff online is best bet today. Anything other than this is chaotic and worrisome. Unfortunately a huge population of the country falls under the category where cash is only form of money and amid all the fervor to be patriotic, they are doing best what they can.
Media on the matter is biased for sure. No channels are showing clear and true pictures of situation today. Some are calling it extremely successful while others are terming it as totally failed attempt. The truth lies between the two and people of today, whether they are highly placed intellectuals or are from labourer class, have the wisdom to realize the truth behind all the propaganda.
Yes, there are issues and problems but then nothing is easy. And this time it is being done for the good of nation. At least the black money stashed inside the country will be washed out. People will learn to use and trust banking more than their own personal safe.
This step will end corruption altogether, it is difficult to say. In fact the doubt that the currency of rupees 2000 will help hoarders conveniently accumulate the wealth is not baseless. But then it also has a sense of fear associated that the money could become waste any evening. So, people will surely accumulate currency but will eventually deposit into bank accounts.
The fake currency obviously has been eliminated from the system but then a regular check will be needed as if somehow criminals are able to copy the high denomination notes, it will be disastrous and economy will fail miserably. Government could start a trend to introduce new notes with different denomination every now and then and can derecognize the old or in-use currency as it did on November 8.
Although people are ready to bear the brunt of cash crunch for now but government must come up with permanent solutions in which the availability of Point of Sale devices will be the key. Online services will gain popularity but for people who are far from technology and deal in cash in the market should be upgraded and trained to use the plastic money. From the washerman who irons your clothes to vegetable vendor with a hand cart, everyone must be given a machine. At least one debit card should be mandatory in one family with some addons so that at least people operating out of various locations throughout the day can use the money they have in accounts.
The business of one rupee change or a chocolate in lieu of that coin when you buy stuff worth 99 will be curbed. People will pay exact change and this change altogether will save enormous amount of money a citizen used to waste into black money without an account. Obviously an item of 98 rupees will be billed with 98 only but if two rupees are not returned and a chocolate is tendered, the two rupees would go unaccounted.
Many such benefits are there to be taken but it needs a sea change. Agencies of government will have to work really hard to make it a cashless economy. The beginning is good but it needs to be taken to the logical conclusion.
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Editor : Mr. Virendra Shrivastava
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