On Nov 8th, giving barely a few hours for scrambling, Prime Minister Modi demonetized Indian currencies of 500 and 1000 denomination. It has been 22 days since, and I have not been able to get cash from the bank. I have visited nearly 40 ATMs since that day, but the nearest I came to withdrawing money was day before yesterday, when I was the third in line, when the money, well, ran out.
I have a very nice neighbour who works in a bank and I have been using up my neighbourly credits with him to replenish my "monetary stock". He still smiles at me, when I meet him outside, and I am hoping that he understands the situation and will continue to help us out.
The amount of intrigue that has gripped the nation on this issue is phenomenal. While everybody applauds the move to expose black money, these very same populace decries the efforts to stifle their legitimate transactions. And they are perfectly right at that. What right does the government have to tell me that I cannot withdraw my own money. The govt. made a blunder by squeezing liquidity beyond all permissible levels and now expects a population of 1.3 billion to somehow survive on barter and thrift.
The basic assumption that everybody is a culprit unless proved innocent is an unkind cut and the population is certainly annoyed with that premise. In Kerala, we have a saying, എലിയെ പേടിച്ചു ഇല്ലം ചുടരുത്, which roughly translates as, "It is foolish to burn down the mansion in fear of a rat." Never in my wildest fancy would I have imagined that I would live to see the day when we have an elected government go into an economic tailspin simply to catch stashed hoards of currency putting crores of people into great financial difficulty.
Over and over an image is gaining ground that this government lacks empathy. The work of a mallet is being done by a road roller. I sincerely hope that there is enough home work that has been done to ensure that the "slight inconveniences" that this government calls this mayhem, does not translate into a virulent agitation. It would indeed be a Pyrrhic victory if the stone throwers of Kashmir were to be silenced, post demonetization, only for the rest of country to indulge in the same.
There is enough indication to suggest that the government is indeed trying hard to alleviate the suffering of the people. But, these very steps look more like a fire-fighting exercise than any genuine attempt at alleviation. Shorn of pre-work, home work or even the classical hard work, the attempts are the desperate lungings of a deer mired in a quicksand. There have been murmurs in the corridors about the ill-preparedness of the RBI, which when shorn of the niceties that surround such soundbytes look alarmingly like a preparation for a fall guy. A country devoid of 83% of its currency, now seeking to push along its economy on trust, barter and thrift is a ready recipe for colossal damage at heartbreaking rates. Currently, the money is not there, and I sincerely hope that the situation improves. And don't, for money's sake, hold your breath. We are talking months, not weeks.
I have a very nice neighbour who works in a bank and I have been using up my neighbourly credits with him to replenish my "monetary stock". He still smiles at me, when I meet him outside, and I am hoping that he understands the situation and will continue to help us out.
The amount of intrigue that has gripped the nation on this issue is phenomenal. While everybody applauds the move to expose black money, these very same populace decries the efforts to stifle their legitimate transactions. And they are perfectly right at that. What right does the government have to tell me that I cannot withdraw my own money. The govt. made a blunder by squeezing liquidity beyond all permissible levels and now expects a population of 1.3 billion to somehow survive on barter and thrift.
The basic assumption that everybody is a culprit unless proved innocent is an unkind cut and the population is certainly annoyed with that premise. In Kerala, we have a saying, എലിയെ പേടിച്ചു ഇല്ലം ചുടരുത്, which roughly translates as, "It is foolish to burn down the mansion in fear of a rat." Never in my wildest fancy would I have imagined that I would live to see the day when we have an elected government go into an economic tailspin simply to catch stashed hoards of currency putting crores of people into great financial difficulty.
Over and over an image is gaining ground that this government lacks empathy. The work of a mallet is being done by a road roller. I sincerely hope that there is enough home work that has been done to ensure that the "slight inconveniences" that this government calls this mayhem, does not translate into a virulent agitation. It would indeed be a Pyrrhic victory if the stone throwers of Kashmir were to be silenced, post demonetization, only for the rest of country to indulge in the same.
There is enough indication to suggest that the government is indeed trying hard to alleviate the suffering of the people. But, these very steps look more like a fire-fighting exercise than any genuine attempt at alleviation. Shorn of pre-work, home work or even the classical hard work, the attempts are the desperate lungings of a deer mired in a quicksand. There have been murmurs in the corridors about the ill-preparedness of the RBI, which when shorn of the niceties that surround such soundbytes look alarmingly like a preparation for a fall guy. A country devoid of 83% of its currency, now seeking to push along its economy on trust, barter and thrift is a ready recipe for colossal damage at heartbreaking rates. Currently, the money is not there, and I sincerely hope that the situation improves. And don't, for money's sake, hold your breath. We are talking months, not weeks.
