Note Ban: Undeclared Financial Emergency

The Demonetization which BJP called its master stroke was done with am aim to get black money circulating in the market.But no one knew it would create such a chaos that would lead People flabbergasted. The ecstatic scheme which would have created wonders if implemented with a better backup plan created a state of confusion and disorder and a sort of anarchy in the country.


 It was expected that all the black money which was with the terrorists and the other black money hoarders would come out. But according to Raghuram Rajan people who have black money, most of them convert into gold as it is the safest method to protect your black money. Probably this was the reason why he opposed its implementation in 2014 and was not allowed for the second tenure.

Also Read: Here's what you should do with your Rs 500, Rs 1000 notes after government's ban order

The day it was declared on November 8 we could see the jewelry shops being opened all night. Those who are politically aware had already played the part of their game on the same night but the left out was the general common public who earn  money by working daily. We would see them in the unending lines of the bank , which were found in the shape of a Serpent and even contained venom in their hearts for the central government. While the 2.16 Lakh ATMs of the country ran cashless as they were not calibrated to dispense the new currency. With the ban of 500 and 1000 notes,  some ATM's which were dispensing cash were giving the note of 100's which was not sufficient to satisfy the need of 125 crore population. It happened that as the turn of some came the ATM of the banks ran out cash.
The day it was declared on November 8 we could see the jewelry shops being opened all night. Those who are politically aware had already played the part of their game on the same night but the left out was the general common public who earn  money by working daily. We would see them in the unending lines of the bank in which were found in the shape of a Serpent and even contained venom in their hearts for the central government. While the 2.16 Lok ATMs of the country ran cashless as they were not calibrated to disperse the new currency. With the ban of 500 and 1000 notes,  some ATM's which were dispensing cash were giving the note of 100's which was not sufficient to satisfy the need of 125 crore population. It happened that as the turn of some came the ATM of the banks ran out cash.

Also Read: No, there is not any GPS-nano Chip in the newer 2000 notes

There were people who could be seen crying as they were out of money and had some marriage or medical emergency. In the country, there were some who could not bear this and around 25 people died in these 6 days which was more than our soldiers in Uri attack. Some hospitals had even refused to admit people in short of money. In Media reports, we could even see people who are taking 20% or 30% of the money and are converting black money to White by either giving them dollars rupees 2000 note in cash.

In the meanwhile, there was something good in Bangalore where the Canara Bank ran their ATM bus throughout the city to help them with money.

The questions which arise in the minds of people that there was 6 lakh crore of NPA then why was the common public tortured for it as we could see no minister or black money hoarders were there. Meanwhile, we could see the Rikshawalas and the Chaiwalas crying over the 500 and 1000 rupee note they had as they did not even have a valid ID proof to get it exchanged.

Also Read: How Demonetization Failed Miserably Internationally ?

The biggest flaw of this scheme was the implementation of 200% fine on the black money. So we could see people burning the notes as no one is such a moron to pay 200% fine on the black money.  Meanwhile, within this, we could see an Ex BJP Minister of Karnataka spending 500 Crore in a daughter's marriage which leads to suspicion in our minds about the all internal setting which are there to help their own people when the whole of India is crying for the money.

Past few days have led people to see the worst they would crib for money as if the scheme would have been implemented with have better backup plan would not have led to this undeclared financial emergency in the country.

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