Demonetization: Feel the heat as it comes

Eradication of black money is a Big Dream for any common man in India, one of the major planks upon which the BJP government came to power in May 2014. Having faced the heat all this time for not doing anything for the objective, the demonetization of higher denomination notes of Rupee 500 and 1000 notes was launched on the eve of 8^th of November by the PM, Sh. Narendra Modi. The appeal was emotional and intended to address the nation to inform that the time had come to fulfill their longstanding dream, wiping out of black money. The action resounded with one and all with a great appeal except those, of course, those who were actually hoarding illegal cash. The markets went into frenzy with hoarders actually trying to dispose off their ill-gotten cash and traders, shopkeepers and jewellers making the best out of it.

Then came the resentment from the political parties in the opposition. It is quite possible that seeing the assembly elections coming, the opposition political parties might have seen the action as an attack on their election campaign funding. Election campaign funding is a dark area which is not under the IT department and is an important area of investigation in the crackdown against black money. However, there were other right reasons too which made the opposition parties protest. The ruling party itself is alleged to have secured its funds prior to launching the scheme.

The first to feel the heat were the people at the bottom of the pan, the poorest of poor who struggle hard to make two square meals a day. Then as the days have passed, other sections of the society like farmers, small traders, shopkeepers and others have started feeling the heat. All this time, the masses are jostling against each other to somehow exchange their defunct notes or withdraw some cash. There are still many who are holding their breath to see their dream come true. Slowly, though for sure, the heat is conducting its way up. It is however, yet to be seen, if people can withstand the heat before they give up.

There are some very prominent questions which need to be answered like, why was the scheme so unplanned that we see so much chaos all around? , what was the need to launch Rupee 2000 note which is not currently acceptable in the market since there is not enough cash to tender change?, how will the big fish be netted in this scheme as they would have means to split their cash and/or convert into other assets and could get away? All these and many more questions arising every now and then will require an answer or else the Big Dream of the common man stands shattered. The stakes are big and so is the task. In all this, what is most painful is, that we have lost virtues like empathy and compassion to feel others pain and that, we need to burn our fingers to feel the heat!