Demonetization of the current INR 500 and INR 1000 notes is the hot topic hogging the limelight in India. Will this really clear "Black" money? Is this just an inconvenience for the time period? Does this signal to cashless transactions? What do I think about this, lets see.
Sudden Decision
First this decision was quite sudden for the common man. But was it really unforeseen? As per some recent news, this action was in the making some six months prior to the actual announcements. Hmm, so the ones that were in the know would already have taken the preemptive actions and would have at least told their near and dear ones of this coming problem. Well, just my two bits.
So, for who was this sudden. Only the common man.
Targeting "Black" money
Some have said that this move target "Black" money. Hmm, what is "Black" money. Money that is available in hard cash is "Black" money? Money that is meant for the Milk Man, House Maid, Medicines, House Repairs, Traveling from Work to Office and vice versa, Railway Tickets, Eating out, are these functions "Black".
I have not included paying Electricity Bills, Gas Connection Bills, Phone Bills, Water Dues, Property Tax, and many more such monthly bills. Are all these activity "Black".
Hmm, may be they are targeting the <5% of people that are hoarding up the hard cash. So, for these <5% people, >95% people are harassed for the "Greater Good".
"Greater Good"
So we come to these words, "Greater Good". What is "Greater Good". Who suffers for this "Grater Good". Does the person who has bags and bags of cash does not have any source of income? Will the burning of this current money will end that person's fortune. What do you think? Will that person not make up the lost money in say less than a years time, maybe a few couple of years more.
Will this scrapping of money happen every two years?
Who has this inconvenienced? Only the common man.
Introduction of INR 2000 notes
Now the money hoarders will require less real estate space to fill their "Black" money with. To be specific, they would require half the amount of bags to stuff their cash. With the introduction of INR 2000 notes, going "Black" has its incentive?
Again who is inconvenienced, the common man.
Use Cashless Payments
This is the magic solution given by many. Will your Vegetable vendor accept credit cards? Will your Maid be comfortable when you ask for bank details? When you go out for a walk with your little ones and the kid asks for a balloon that the kid saw a person selling on the street. Will your credit card come to your rescue?
Cashless payments are only good for only half of your monthly expenses, for the other half you require hard cash. There is no other way, not at least in the near future.
Cash in Indian Society
Cash is not just money to be spent in Indian Society. Cash is your devotion to God. We have Gods who look after our wealth. We give cash in our Temples to show our devotion to God. We give cash at weddings to the newly married couple to show our happiness and connection with the families.
No Logistics
There are queues and queues of people standing under the hot Sun to get their cash at Banks. And, the Banks have run dry of cash. There is an utter failure of logistics happening. There was no thought process put in when this "Sudden" announcement was made.
Lets see the sequence: Announcement was made that your cash is invalid -> Banks will be closed the following day -> There will be no ATM withdrawals available for next few days -> Banks do not have cash to exchange your money
And they say don't panic. Everything is under control.
Temples to the rescue
In a recent news article I read (http://www.news18.com/news/india/gods-get-richer-as-blackmoney-hopes-for-rebirth-through-temple-hundis-1310898.html), it said that Temples have become the de-facto way to convert "Black" to "White". Who runs these Temples? How many times have we seen Politicians and the Rich go visit their Gurus, SadGurus, Saints of the various sects and sections of society. All political people and the rich people have links to these organizations where donations are anonymous.
The "Black" money of these <5% Rich are safe. Who suffers, the Common Man.
The Common Man Suffers
In conclusion, I can only say that its always the Common Man who has to suffer. The rich do not care if a few bundles of cash go in the fire, it is the Common Man who has to fight for his legitimate hard earned money.
Sudden Decision
First this decision was quite sudden for the common man. But was it really unforeseen? As per some recent news, this action was in the making some six months prior to the actual announcements. Hmm, so the ones that were in the know would already have taken the preemptive actions and would have at least told their near and dear ones of this coming problem. Well, just my two bits.
So, for who was this sudden. Only the common man.
Targeting "Black" money
Some have said that this move target "Black" money. Hmm, what is "Black" money. Money that is available in hard cash is "Black" money? Money that is meant for the Milk Man, House Maid, Medicines, House Repairs, Traveling from Work to Office and vice versa, Railway Tickets, Eating out, are these functions "Black".
I have not included paying Electricity Bills, Gas Connection Bills, Phone Bills, Water Dues, Property Tax, and many more such monthly bills. Are all these activity "Black".
Hmm, may be they are targeting the <5% of people that are hoarding up the hard cash. So, for these <5% people, >95% people are harassed for the "Greater Good".
"Greater Good"
So we come to these words, "Greater Good". What is "Greater Good". Who suffers for this "Grater Good". Does the person who has bags and bags of cash does not have any source of income? Will the burning of this current money will end that person's fortune. What do you think? Will that person not make up the lost money in say less than a years time, maybe a few couple of years more.
Will this scrapping of money happen every two years?
Who has this inconvenienced? Only the common man.
Introduction of INR 2000 notes
Now the money hoarders will require less real estate space to fill their "Black" money with. To be specific, they would require half the amount of bags to stuff their cash. With the introduction of INR 2000 notes, going "Black" has its incentive?
Again who is inconvenienced, the common man.
Use Cashless Payments
This is the magic solution given by many. Will your Vegetable vendor accept credit cards? Will your Maid be comfortable when you ask for bank details? When you go out for a walk with your little ones and the kid asks for a balloon that the kid saw a person selling on the street. Will your credit card come to your rescue?
Cashless payments are only good for only half of your monthly expenses, for the other half you require hard cash. There is no other way, not at least in the near future.
Cash in Indian Society
Cash is not just money to be spent in Indian Society. Cash is your devotion to God. We have Gods who look after our wealth. We give cash in our Temples to show our devotion to God. We give cash at weddings to the newly married couple to show our happiness and connection with the families.
No Logistics
There are queues and queues of people standing under the hot Sun to get their cash at Banks. And, the Banks have run dry of cash. There is an utter failure of logistics happening. There was no thought process put in when this "Sudden" announcement was made.
Lets see the sequence: Announcement was made that your cash is invalid -> Banks will be closed the following day -> There will be no ATM withdrawals available for next few days -> Banks do not have cash to exchange your money
And they say don't panic. Everything is under control.
Temples to the rescue
In a recent news article I read (http://www.news18.com/news/india/gods-get-richer-as-blackmoney-hopes-for-rebirth-through-temple-hundis-1310898.html), it said that Temples have become the de-facto way to convert "Black" to "White". Who runs these Temples? How many times have we seen Politicians and the Rich go visit their Gurus, SadGurus, Saints of the various sects and sections of society. All political people and the rich people have links to these organizations where donations are anonymous.
The "Black" money of these <5% Rich are safe. Who suffers, the Common Man.
The Common Man Suffers
In conclusion, I can only say that its always the Common Man who has to suffer. The rich do not care if a few bundles of cash go in the fire, it is the Common Man who has to fight for his legitimate hard earned money.
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