The idea of development

The recent demonetisation stunt pulled by the PM of India caused quite an uproar across the country. For those of you who hadn’t heard of this, he woke up one day and announced across all media and television that the most highly circulating currency (Rs. 500) and the highest currency denomination (Rs. 1000) are now banned. You are to exchange these for new currency else you’ll just be a fool carrying around worthless pieces of paper. The ATMs, banks, petrol stations, Big Bazaar (for some reason), jewellery shops, electronic shops and real estate shops (markets, whatever) has seen long lines of queues. What started off as a move to take away all the black money circulating in the economy as well as all the illegal money which is being used to feed terrorists (and militants; No they are not the same thing) has now become a calculated effort to make India a cashless economy and digitise the financial sector.

You may argue that this is in fact a wonderful move, developed countries follow these policies and it works. The response to that is, India is not developed and most of its people do not have bank accounts or even access to banks. Also, developed countries are working to make the lives of people more comfortable and trying to make the economy more friendly for its people (or so they say), in India, we still have people dying of starvation, farmers committing suicide because that is the only way their family can earn some money (terms and conditions apply) and people who don’t have access to any healthcare, let alone a bank. Few of these places didn’t even know that the currency had lost its value, and by the time they caught up to this news and made a move to exchange their currency from the cooperative banks at their block or district headquarters (relatively more accessible than other banks), they are informed that the PM just declared that cooperative banks are not allowed to exchange currency or accept deposits (because he is cool that way).

I would really like to understand the thought process that went behind this decision. Did he just sit there, sipping his tea thinking, ‘Hmmm.. I think I am gonna demonetise some currency and tell people its to recover black money; what about the millions who won’t hear about this and will end up being helpless when they do? Hmmm… er… screw that! They’ll wing it. Anyway, they so poor, they probably never seen a 500 rupee note in their life’.

Boy was he wrong! Because, people in the cities and towns; people like me- this doesn’t really affect us that much. Yes, it is a bit inconvenient, but we have so many other alternatives to cash. And people who did have money stacked up- if you are somebody who was just hoarding money because you are greedy and corrupt, well, F!@# You! We are all going through this shit because of you and you have probably already found means to get rid of the currency while still retaining its value (cos he rich!)- and if you are somebody who was keeping all that money for some celebration or festivities, you should never have voted for this guy.

And I wish somebody would go and ask the PM to stop trying to make India into America. Look at them! What makes you think anything over there is working out? Just, let us be!


3 thoughts on “The idea of development

  1. Wow! So does this really mean people ended up with piles of useless paper money? Or will the banks at least acknowledge the old money and replace them with accepted currency?


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