Tuesday, 3 January 2017
After-Effects Of Demonetisation
Demonetisation is being called one of the boldest and drastic measures taken in the history of independent India by Prime Minister Modi. The move has been lauded for being an excellent step towards eradicating the infamous black moneyin our society. It is told to bring back the unknown black money and make India a much richer and safer place to live in.
But what kind of an impact does this have on common men, the small traders, and other small shop owners.
Post announcement of the demonetisation move, people rejoiced that black money and all the evil that came with it would disappear. The next day itself people realised that this was a huge step taken rather hastily.
Now, almost after one month of the announcement of the move, people seem to be frustrated. Especially the common, poor and the daily working men. There have been complaints about how people waited in the queue for almost 8 hours to get their money exchanged with the new notes.
The small trader and small shopkeeper say that their business has been the worst hit since one month. These people deal with liquid cash on a day-to-day basis and due to the unanticipated note ban, their business has been hit adversely. The flower, fruits, and other road side vendors said that they usually bought their goods in bulk for a 500 or 1000 rupees. But could not do so as the wholesaler did not accept the notes. They earn money on a daily basis and suffered immense loss.
Similarly, the daily wage worker, who are required in all types of industries, were also largely hit. These people get paid at the end of the day after they do their and usually are paid around 800 to 1000 rupees. With insufficient hundred rupee notes with their employers, daily wage earners were either denied of any work or were told they would be paid in a later day. These worker earn the money to meet daily needs and cannot forgo the money that they get. They say it was a not a good move at all.
Furthermore, the same common and ordinary working citizens have questioned the functionality of 2000 rupees. The small traders and shopkeepers deal more in hundreds than thousands. Thus, they wonder where to find change for a rs.200 sale if the customer gives a 2000 note. This has led to a lot of confusion and chaos.
Banks have seen a long line of queue in front of their office. Frustrated customers and equally frustrated bank officials do not mix well. There are quarrels reported and of course the death that was apparent due to waiting in the line.
With the unfolding of this new move, common people have started to have an opinion that the government is not for the poor while making a safe haven for the rich and upper class. However, there is still a majority of people who believe that this move is a good one and prosperity will soon be in our way. All that needs to be done is wait and watch.