Demonitisation of Indian Rupees 500 and Rupees 1000 notes is a revolutionary, electrifying and stunning monetary surgical strike that has shaken all Indian citizens. With one master stroke, P.M. Modiji has demolished hoarders, bribe givers/ takers, fake currency printers and ‘hawala’ dealers.
The inconvenience to everyone may last least till January 2017. Such drastic action was essential to remedy parallel economy that was hurting legal economy for last 70 years. Reserve Bank of India was losing interest when return flow of high denomination currency was blocked by hoarders. Earlier attempts could not be implemented being influenced by differing views of coalition partners and vested interests. P.M. Modiji has taken fullest advantage of majority status. Added to this was remarkable and utmost secrecy for at least 10 months of planning, execution and logistics. Critics and conspiracy theorists must appreciate the gigantic gamble by the PM who has already left his family and wife for the nation.
Allegations of breach of secrecy, scam and insider dealings by party are without any evidence. It is also alleged that while poor citizens are most inconvenienced, assets of rich tycoons are safe, as they are in foreign currencies, offshore investments, and precious metals.
Ramesh Jhalla
By email
