Demonetization of Indian currency has created chaos, There is an estimated 70 deaths which according to the news flouted in facebook and whatsapp are due to nonacceptance of Rs 500, and Rs 1000 currency and limitations in banking operations.There were reports of people who died while waiting in queue in bank.
Queue in bank extended to streets and queues lasted for hours,there are videos on social media showing people fighting in line and people in queue being caned by security or police.
During the initial days all markets were nearly empty,infact there was drop in prices of shares, i forgot to track its impact on sensex and nifty. Supermarkets were empty and buses were plying with few passengers, which are usually crowded.People went panic for change, and most were unwilling to part with change this caused further shortage and worse still the currency which was exchanged for these Rs500 and Rs1000 were Rs2000/- which quadruppled or doubled the shortage of change, causing people further agony to the people who already had this nasty surprise.
There are tell tales that it may take about 6 months for the conversion of old Rs500/- and Rs1000/- into New Rs2000/- and Rs500/- as it is the estimated time for printing these currencies. This clearly points out the inability of the govt to handle this change.The outcome was that it effected the poor and atleast in appearance it did not effect the superrich.
Social media had people justifying it and people criticizing it.People justifying it were mainly the bhakts and they went at their best to silence the critics as if in a do or die battle.Intolerant to this chaos meant anti national or affinity to pakistan or as what modi himself said people who cry are those with black money.
Black money the guerrilla villain in this story was in radar of govt’s for long but there was nothing considerable that these govt’s could do.There have been attempts to extract the swiss bank account details for really long they were futile and NDA -II promise of bringing back the black money and having 15 lakhs in every citizens account never happened, infact it was rumored that those accounts are empty as if when NDA – II was elected the money has been taken to a safer heaven.
Demonetization drive initiated on nov 8 turned the focus of black money from what is stacked abroad to money which is unaccounted, it may not be actually black money (black money is supposed to be counterfeit printed in pakistan and bribes taken by politicians, bureaucrats, and govt officials) but the money that is not income tax return filed.This actually meant that people on the lower income group who may have been saving up are going to face the horror of income tax.