Indian Politics Demonetization Rehashed | by Ayesha Siddiqua

Demonetization

November 8, 2016   is the date that brought about a revolution of changes in India when Prime Minister Narendra Modi came on air at 8.00pm to announce devaluing India’s top two currency notes of Rs.1000 and Rs.500. From that moment on one could not exchange these currencies to buy anything as they were rendered useless…with this a new term demonetization came in to being and till this date haunts India with its after effects.

The purpose of demonetization as claimed by the BJP led Central Government was that to frighten the black money hoarders who would eventually lose power that the big notes could buy. Alas! What a strike!!

But in reality is this what happened? The answer given by RBI (Reserve Bank Of India) was a simple NO!! RBI took 2 years to count the notes that were returned in exchange for valued currency for over a month and came out stating that it had recovered 99.3%, it also stated that due to unfavourable circumstances some Indian currencies were lying in Nepal banks and with NRI’s who couldn’t make it on time to exchange these high valued .. (actually useless) currencies totalling the recovered amount to a 100%.

Questions:

  • So how and where did the hoarders of black money exchange their big notes?
  • Gujarat cooperative banks linked to Amit Shah exchanged notes worth Rs.31181.51crores. Was this preplanned?
  • Was the black money routed back into the main stream to become white money?
  • Was this a planned and most organized loot of the century?
  • Did it have a direct impact in bringing India’s GDP to its lowest?
  • Was it a major turning point in the history of Indian currency to nose dive at the lowest it has ever been?
  • Did it have a direct impact on the record-breaking increase in Fuel cost?
  • Did it impact the prices of our daily used commodities, rice, vegetables, milk?
  • What role did it play in the 50% increase of Indians owned overseas bank accounts?
  • When and how will India recover from this loss?
  • Will it recover by bringing down the bank interest rate given to senior citizens, by holding on to our hard earned money kept in the banks by slapping a max withdrawal amount, by converting our savings to an FD without our approval?
  • Will the loss be recovered from the citizens of India in the form of Taxes, as we were all introduced to an exhausting list of taxes GST, Krish, Food, Entertainment, etc, etc, etc.?

Actually the question that we need to ask is…Are we going to re-elect this highly incompetent government to burden our lives further? Are we?

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Jai Hind!!

Ayesha Siddiqua

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