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Demonetisation in India- Is it a divine vision or otherwise?

Indians are bracing themselves for a new year without old five hundred notes and thousand Rupee notes. There are new two thousand Rupee notes in circulation now which are being slowly released into the market via poorly cashed banks.

The drastic move was enforced upon the Indians by Prime Minister Modi and his finance advisory team with the backing from newly appointed RBI governor Mr Urjit Patel. The move was supposed to wipe out stored black money and fake notes.

Many Indians stood behind Mr Modi and hailed his revolutionary step as a master stroke against black money holders and promoters of fake currency used by anti-nationals.

However the banks were struggling to release new currency notes in return for old currency and people are struggling to do business with cash particularly small vendors and daily wage workers have been badly affected by this move.

Mr Modi and his current finance minister Mr Jaitley are using this occasion to promote cashless society paving way for digital transactions using cards only in future. One can only wait with apprehension to see how a mighty nation like India can embrace such digital currency revolution with some parts of India having no ATM facilities and millions of people still having no bank card of any sort.

So far nearly twelve and a half lakhs crore Rupees have been returned to banks as old notes and another two and half lakhs crore Rupees is supposed to be returned to banks in the remaining few days before old notes are completely banned.

Opposition leaders like Chidambaram, ex-finance Minister of India have criticised this move as mindless and MIM leader, Mr Owaisi have called Mr Modi a tyrant for causing enormous difficulties to ordinary people of India.

However one thing for sure is India is marching towards a cashless society as a rapid pace and it may make business transactions transparent and remove large scale corruption on a daily basis if successful transition takes place in the next few months.

India may be able to show a way to many other nations how to battle corruption and black money effectively through these radical steps. 

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