Was Demonetization a Futile Exercise?

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  • A Parliamentary Committee (PC) was formed to look into After-effects of Demonetization
  • According to article published in tahelka.com, PC has submitted its report which shall be placed during the Monsoon Session of Parliament
  • The objective of the demonetization was to un-earthen black money, to restrict funding to terror groups and to detect fake currency and lead Indian public towards a cashless society.
  • But PC has observed that not a single objective of the demonetization could be achieved, one reason being the demonetization being pushed without proper planning.
  • 86% of the total currency in circulation in India was demonetized on 08-11-2016 of which most of the currency in old notes has been already deposited till the last date of surrender.
  • People suffered a lot, including the death of more than 180 persons and as a result lakhs suffered mental agony.
  • The objectives of the demonetization were not at all achieved, as no black money was un-earthened, there has been no restrain on terror funding, a negligible fake currency was found and people have again taken U-turn from cashless transactions to cash.
  • Unorganized sector and small scale industries were worst sufferers during the demonetization period and afterwards minimum for 4-5 months.
  • Loss of jobs in a huge number was also reported by BMS a Trade Union Affiliate of BJP
  • Government may have no justified answer to the People of India for this disastrous step, if report tabled in Parliament.

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