Demonetisation has been a turning point in the pages of Indian history. It has changed the dynamics of Cash network through which money circulates in the country. Activities of perfidy, terrorist-funding, drug mafia have all been plummetted to a threshold level. But is this all we should consider as benefits of Demonetistaion?
Such a nerve-wrecking news for the public at large, the decision which has changed the fate of many top-notch businessmen. This news is ascribed to render multifarious benefits and advantages. So certainly, this isn’t the end.
Demonetisation is a gradual process. It doesn’t show results in a jiffy or even in 100 days. Corruption is something which had ruled the country for 70 years, why can’t we wait for even 7 months to rule out corruption from it? Isn’t this provoking? Why are we after our prime Minister nagging him down for non-delivery of promised results. An appropriate time frame has to be respected.
It can therefore be reasonably concluded that demonetisation is a good check against future flows of counterfeit currency, if it is not already sitting pretty in the hands of people.
It also follows from this that demonetisation alone can’t end black money generation in the future as it suffers from a dearth of capability to function as a surgical tool for all forms of outgrowth of black money.
Nonetheless, there are a plethora of dynamics which still have scope to embrace an ameliorated version, be it human trafficking or parallel economy which runs behind the wraps. These things are still perhaps possible to contemplate owing to the fact that some possibility of black money existence has still not demolished.
Due to Jan Dhan Accounts, black currency has been converted into officially white currency. Elite businessmen and merchants have collaborated with small and naïve account holders who have assented to deposit and withdraw money, at nil or negligible commission. This is how money has been circulating.
Neverthless, the bottomline remains that something is better than nothing. If not 100%, demonetisation has sure reduced and bought down corruption to a considerably low level, ensuring welfare and equal prosperity of one and all. Unlike regressive method formulated by the opposition, this was a progressive method.
