534
The demonetization of the Indian
currency
The
government of India, on 8 November 2016, demonetized the Re.1000 and Re. 500
currency notes with immediate effect.
The
Prime Minister of India, Mr. Narendra
Modi, said that the currency notes would become useless pieces of paper.
This is not true. The currency notes would never lose their lusture. Some
people may not exchange all notes for various reasons.
The
Prime Minister, further, said that the action would unearth black money.
Actually, 90 per cent of the black money remains in foreign countries. About 5
per cent remains as securities, properties and gold. The rest remains in the
form of currency notes.
The
Finance Minister, Mr. Arun Jaitely,
considered this as a step towards cashless transaction.
All
Aadhar account holders could be given
Re. 2000 each and asked to use it for buying commodities or withdraw it through
cards only. Another way is to give employment. For this, 100 days per year work
could be converted into 250 days per year work. Or there must be large scale
public investments. The Government shall not take much time to reactivate the
economy.
Now,
the people all over India are experiencing untold suffering.
The
tourists are the worst affected.
Economic
activity has fallen down. Merchants suffer like anything. The traders have
announced indefinite strike in Kerala.
Some
coolies have no job.
The property prices have fallen down affecting
the marriages of girls. There are corresponding gains for some others.
Some
people suffer in hospitals.
Some
people have started looting the ration shops.
Some
people even committed suicide.
Whatever
happened, the decision to demonetize the currency is a well thought out one. It
has a sound economic sense. It has several positive points. It would take two
or three months to estimate the benefits.
The
courage and conviction of the officers must be commended because it is like
doing the impossible. All people behind this decision must be commended.
The
idea of demonetization was in the air for a long time. Some considered this as
a panacea for all the ills of the nation. In one cinema story, a beggar wanted
demonetization.
Prime
Minister of India Mr. Modi had
promised a digital India. The present man, in a recent letter, said that the
Government could have introduced cashless transaction.
But,
someone might have persuaded the prime minister to demonetize the currency. The
people have a right to know him.
Now,
India is in for an unprecedented development hitherto unknown to Indians. The
only condition is that the Government must act in good faith - without any
ulterior motive - for public welfare, consistent with the Constitution of
India.
Thank
you for this decision.
Thank
you.
This is letter No.533
This letter is being
submitted to His Excellency the President of India, Supreme Court of India,
Chief Vigilance Commissioner, Indian Army and the Indian Air Force, and posted
in the blog: www.howeverythinghappenedinindia.blogspot.com on 14-11-
2016.
14 November 2016.
V. Sabarimuthu,
26-3 Thattamkonam, Vellicode, Mulagumoodu PIN:
629167, India.
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