Currency demonetisation has perhaps become demonisation in the last three days. Whilst many of us welcome this move to curb counterfeit bank notes, this would remain as an excellent example of a master plan that went awfully awry.. thanks to lack of mindfulness and ill conceived unclear thoughts in execution by the officials and government.
One fine evening, the PM declared demonetisation of two high value currency notes - five hundred and one thousand rupees - in a televised address stating that it would eradicate black money and counterfeit currencies that are sources of terrorism. Naturally, everyone was jubilant by the mention of black money. Moreover, this time it came from the messiah of growth. Little did any of them know what it means for an individual, let alone the meaning of black money. Leaving us in no surprise, the PM took the next available flight to Japan to enjoy a bullet train ride.
The consequences - people standing in queues for hours to get old notes exchanged, banks working day and night with less or no cash to payout, cash points running dry and getting bored to displaying 'I am out of service'. Any sane administrator, or even a politician for that matter, who declares demonetisation of two high value currency denominations, would have thought about pumping the equivalent value back in for circulation soon after declaring it. Failing which, having cash in bank accounts doesn't necessarily give us the right to use it today without a bead of sweat or, if unlucky, a heat stroke.
Unfortunately, after all these, black money will not even be out of the system as only a part of black money is in cash. Most part is in gold and land. Hard to zoom in due to chaotic Indian administrative system. A logical step towards growth is to demonetise thousand and legalise two-thousand. Reduces burden on crooks that carry cash in black in future. A very futuristic and visionary approach.
It is very easy for the government to ask citizens to bear the burden for the country overall progress. However, why can't they do the difficult job? Educate them on how black money is created and how each of us contribute to its generation. Many of us will undoubtedly be awestruck when we learn the simplest way of black money generation: we buy something with cash and without insisting on a legal receipt. So simple.. isn't it?