Demonetisation of Rs.500/- & Rs.1000/- currency notes is an economic decision
with political will. The government has no other alternative in the scenario of
Corruption,Black money & currency notes coming inside the country from across
the borders for funding terrorism. This is a bold decision. There are problems in
implementation which has lead to long ques in the Banks,Post offices & ATM's.
May be,the government did not factor certain points while taking the decision.
Maybe,certain unscrupulous elements wanted to sabotage the whole scheme by
making their agents to stand in queue again & again for exchange of old Rs.500/-
& Rs.1000/-currency notes.The Washington Post reports say that the black money in
India is estimated to be around $400 billion.
The government & RBI should have introduced Rs.500/- in sufficient numbers
all over the country instead of Rs.2000/- in the beginning.Instead of blaming the
government for the decision to demonetise the currency,the opposition must offer
constructive suggestions to mitigate the hardship of the people in the interest of
the nation as every one should cooperate to eradicate the evil of corruption &
The Independent,Singapore based newspaper published an article on the move of the
government of India titled"Modi does a Lee Kuan Yew to stamp out corruption in India".
Bloomberg in an article said Australia should follow India's lead & scrap its biggest
bank notes. FORBES has published an article titled,"India's Bank Note switch
noted a move of this magnitude would result in "Obvious chaos",but points that "so far as it looks as if it is working".
A special mention should be made about the dedication & devotion to duty of the employees of the banks in the country & also the Post offices. The employees of the Banks & Post offices bore the brunt of the public fury as they worked tirelessly to handle the responssibilities
bestowed on them.It will be a good gesture if the members of the Parliament who are
the people's representatives, to acknowledge the efforts put in by the management,&
the staff of the banks & Post offices.