On 8th November 2016, Prime Minister of India Narendra Modi announced the demonetisation in an unscheduled live televised address to the nation at 20:15 IST.
It shocked the Indians. It was aimed to. It was hard to believe. But was damn true.
It was a war-like-situation. People ran like anything to get anything in exchange of the hard currency they had in their homes. Within minutes of the announcement people ran from their houses on their way to shopping malls, shops and all other places from where they can buy goods. Everyone was out on the streets.
The next day was a nightmare! A real nightmare for the common Indians and the uncommons too. Queues could be seen across the whole of India outside the ATMs and Banks. All lined up and waiting. ATMs were empty and CASH-LESS. Common Indians waited for the ‘Cash Van’ and later for their turn at the ATMs and Banks. There was chaos and anxiety all over.
All the positive hypes about demonetisation was circulated by the Indian Government and the Indian Media to force the people of India to believe that the so called ‘Demonetisation’ is going to be a severe attack on TERRORISM, Black Marketers, Tax Thieves to name just a few and will eventually help to build a better India. The opposition political parties severely condemned and opposed the decision but in vain.
It took almost 3-4 months to get back to normal.
Now the question remains, whether the decision of the Indian Government was correct and can be justified in true sense. The answer is a big NO.
Steve Forbes says “What India has done is commit a massive theft of people’s property – a shocking move for a democratically elected government”. He further added – what they (Indian Government) have done to the money is ‘sickening and immoral. Forbes called the Indian bureaucracy to be ‘notorious’ for corruption, red tape and lethargy.
In an article in ‘Financial Express’ Forbes has given an overview on how the demonetisation move was carried out by the Indian government; about the cash crunch, ATM queues, and the increase in governmental control over lives.
Forbes has criticised most of the narratives which the government has been using to support the demonetisation move. He also wrote about how businesses are closing as companies are not able to pay their employees.
Forbes added, India is the most extreme and destructive example of the anti-cash fad currently sweeping governments and the economics profession.” He added that India, apart from immorally harming its own people, has also set a bad example for the rest of the world.
No matters how the Government of India justifies it, it is DAMN TRUE that DEMONETISATION has far less to do with anything else as compared to ‘Increased governmental control on lives of PEOPLE OF INDIA. Facts can be seen post demonetisation. Terrorist attacks eventually increased killing hundreds of Indian soldiers. Unrest in Kashmir for months which still persist. Terror funding is at its best. Everything is still more or less the same except Governmental control on people’s lives. Mandatory Adhaar card linking to bank account and other similar forced decisions are the factual evidence.