NEW DELHI: Modi government’s ‘Tughlaqi Farmaan’ to scrap old Rs 500 and 1000 notes appears to be a carpet bombing towards several crore Aam Aadmi of the country and has little impact on black market offenders.
Rs 14 lakh crore–or $217 billion, 87% of the currency which was in circulation before midnight of November 8, 2016 became useless soon after the announcement.
Modi’s obsession with cashless economy which is supposed be a surgical strike towards Black Money offenders has instead hurt the common man.
The informal/unorganized sector comprises of 40% of India’s economy—includes workers in small and medium industries, mechanics, washer men, grocers, barbers, maids, vegetable and fruit vendors. plumbers, carpenters, dhabas, tea shops and others.
These are the half of the country’s poorest people, who neither own a bank account nor an account under the Jan Dhan Yojana and around 25% do not even have an ID card.
They simply prefer to hold their income in cash because there are almost totally dependent on cash usage.
“Kaam Nahin, Daam Nahi”
After demonetization, lakhs of migrant labourers who are working in different states are the worst affected.
These daily-wage laborers, no longer have work, because the employer has gone cashless to pay the wages.
Hailing from Rajasthan, Jharkhand, Bihar, Uttar Pradesh, Orrisa and West Bengal, they come to the city to earn their living but are now starving at their shelters. They have begun to raid food shops.
Disappointed, with the “no job, no money”, they have started returning to native states to be with their families.
Nightmare For Farmers
Agriculture sector which is under stress because of back-to-back droughts is expected to grow at 4% this year according to this October 2016 CRISIL report, but demonetisation is likely to dent that forecast. The farmers are running out of cash to buy seeds, fertilisers.
The Real Offender
You won’t find politicians and bureaucrats queuing at the banks because their cash secretly replaced.
The most popular generators of hoarding black money are gold, real estate dealers, foreign exchange operators, shares, bonds, hoarders of Agriculural products, Hawala racketeers and others who are indulged in illicit conversion.
The unorganized jewellers hold the black money in the form of gold. Within 48 hrs of announcement, the gold prices skyrockets to Rs 60,000 per 10 gm, compared to Rs 30,000 per.
Several real estate operators are big builders and unorganised player who deposited huge sums of their blackmoney mostly in land purchase.
The honest citizens will be subjected to penalty and prosecution if their hard–earned money, savings deposits went beyond Rs 2.5 lakh.
But… the real offenders of course will remain unaffected.
Lakhs of people you seen outside the banks and ATMs forming serpentine queue are not black money hoarders.
They are the simple, everyday people.
What sought of Surgical strike is that where the poor is being harassed in the name of de-monetisation?
ABP Surgical strike on Black Money
Modi-led NDA government declared that 4100 crore black money came into country’s coffers but more than Rs 6,000 crore to Hong Kong through Bank of Baroda, the second largest bank of the country on the pretext of buying spices, rice, dry fruits.
ABP News in its exclusive ‘Operation Black Money’ exposed 59 suspicious companies.
Without knowing the sensitivity of the rural masses, the BJP led NDA government hailed the move as the greatest historical events of India.
Among the many, Bollywood stars also shower praise on PM Modi and favour the ruling decision to demonetise Rs 500 and 1,000 notes, forgetting that their lakh of crores of black money stashed overseas.
Ajay Devgn cheered it as “historic” step; forget that he was part of the Panama Papers scandal.
Similarly, Aishwarya Rai Bachchan also congratulates our PM but fails to mention that she and her father-in-law Amitabh Bachchan also figure on the Panama Papers list.
The strike should be on black money offenders than only it will be called as a historical master stroke.
Generally speaking, cash crunch in the market is in a terrible situation and our PM and Finance Minister seems to be in no mood to understand.
And by asking over 40 crore people, who are illiterate about their views on the so-called historic step on de-monetisation on his mobile App, Modi surely rub salt into the wounds.