Officials advised PM Modi to ban 85% of India’s currency

Officials advised PM Modi to ban 85% of India’s currency

By MADHAV NALAPAT | NEW DELHI | 27 November, 2016
India is close to acquiring the second position in crude steel production if it continues with its current growth rate. The top spot belongs to China and India is behind the world’s second largest steel producer, Japan by just 7.9 million tonne (MT). India overtook the United States last year to become the third largest steel producing country after China and Japan. According to the latest report of World Steel Association (WSA), India’s steel production during January-October 2016 grew by 6.8% to reach 79.
‘PM raised several queries, especially on the impact on the common man and only when it was conveyed to him that steps were being taken to minimise hardship did he agree to the measure.’

Prime Minister Narendra Modi is working “more than ten hours a day” just on ensuring that the 8 November money measures announced by him ensure a smooth landing for the economy rather than turbulence. This despite the fact that the plan actually owed its origin to the Reserve Bank of India and the Ministry of Finance, who persuaded the PM to go forward with an idea which will affect (and has affected) over a billion citizens of this country. Prime Minister Modi showed moral courage in coming forward and accepting ownership of the currency swap scheme announced on 8 November, and has since then publicly backed every twist and turn in that policy by the monetary and fiscal authorities. Senior officials say “Prime Minister Modi was presented with the issue in such a way that turning down the scheme was out of the question”. Through the plan, concerned officials wished to “shield those in high positions in banks across the country from the consequences of the crony-oriented lending that they had been doing, specially since 2006”, the year when Narasimha Rao’s liberalisation policy was fully substituted by the UPA into a faux Nehruvian economic policy that combined Fabian socialism with Wall Street ways. “Officials argued that a windfall of up to Rs 550,000 crore would flow to the banks through the enforced extinguishing of currency notes issued by the RBI, and that this would recapitalise several banks that were in effect bankrupt, thereby allowing them to lend again”. The Prime Minister was assured that “steps would be taken to ensure that the common man suffered minimal discomfort” and that “the informal economy would accelerate its absorption into the formal without jobs being affected”. It needs to be mentioned that it is the formal sector that is responsible for not repaying bank loans of a value crossing Rs 750,000 crore, which will be several times the value of tax evasion by the informal sector. NPAs are being written off by banks at an accelerating pace over the past six years, with still more businesses declaring themselves unviable by the month.

The velocity of circulation of currency affects demand for the same, and the effects on the economic system post 8 November, combined with worries of further drastic steps including more demonetisations, is leading to hoarding of currency notes, thereby necessitating a higher volume of currency needing to get pushed into circulation. A senior official estimated that it will take eleven months for currency stocks depleted by the 8 November shock to get replenished. Holding on to low limits on cash made available to depositors will affect consumer spending. An interesting and possibly positive sidelight is that numerous NPAs are quietly being settled with old notes, although banks officially deny that this is taking place. Vehicle loan collections are up, especially former bad loans, as holders of the extinguished currency seek to deploy cash any way they can. However, NBFCs, which are a vehicle for funding small businesses, are facing non-payments of up to 50%, despite efforts by the RBI to boost confidence. And while card sales are up, Cash On Delivery (COD) sales have sharply fallen, and this forms the bulk of such business. There is a 30%-40% drop in restaurant and FMCG sales, with few expecting a quick rebound. The relentless official drive against cash transactions will result in numerous small stores and “kirana” establishments shutting down, as not many would be able to make the transition to fully digital payments. Even “dhabas” will begin shutting down, as many would not be able to afford the 21% sales and Value Added transactions on electronic transactions. A fall in economic growth over an indeterminate period of time will result in lower tax collections, leading to pressure on the Income Tax Department to squeeze as much as possible from taxpayers through use of technicalities. Bribe takers are offering handsome discounts for payments in new currency or in the form of gold and diamonds. The effect of the 8 November currency swap on overall employment is unclear, although jobs are being shed across the country on a daily basis. 

The recession after the 2008 collapse of Lehman Brothers cut India’s growth rate to 6.7% in 2009 as compared with 9.5% the previous year. Each 1% decline of GDP means around Rs 150,000 crore gone. Housing was an important segment of good economic results during 2006-09, but in the absence of lower stamp duties the introduction of the Rs 2,000 note is expected to perpetuate black money in the sector. As for the unorganised sector, while it often does not pay direct taxes, through employment and income, the sector adds to indirect tax collections as well as demand for several of the items produced by the formal sector. A problem is that India’s tax structure is so convoluted and cumbersome that several units will go out of production once they get into the tax net. Although there is much talk about lower tax rates down the road, few are willing to risk investing money in the economy as a consequence of such an expectation. 

Interestingly, key proponents of “swadeshi” are in favour of switching from cash to plastic in a country where plastic is largely in the hands of foreign players, mostly from the United States, or in some cases, China. Ultimately, it is investors in these two countries who will be smiling all the way to the bank as millions in India move from cash to plastic to make payments. Which is why some argue that despite the contrary view of the RBI and the Ministry of Finance (both of whom are in thrall to the “Cashless Country” concept), cash needs to be accepted as a primary medium of exchange for at least a generation more, even while genuinely Indian owned companies get empowered to compete with the foreign owned giants that now dominate the India market for non-cash transactions. 

Confidence in the value and stability of a currency is core to the monetary health of a country, hence the refusal of US authorities to ever make any denomination of the US dollar inconvertible. This despite the dollar being the most counterfeited currency on the globe. Repeated devaluations and demonetisations of the Indian rupee have resulted in a high percentage of citizens of India switching to gold and other assets in place of the rupee as a store of value. While unaccounted money does get hoarded in India, especially by politicians, officials and businesspersons, much of this gets converted into assets such as land or gets converted into foreign currency and wired abroad through secretive but well established hawala channels operating through Nepal, Singapore, Dubai and Mauritius. However, officials moving in step with Prime Minister Narendra Modi’s plan for transformation of the Indian economy by the close of his term in office say that the Prime Minister “accepted the recommendation of his Principal Secretary, Revenue Secretary and RBI Governor to immediately disallow circulation of the now defunct Rs 500 and Rs 1,000 notes”. “The Prime Minister raised several queries, especially on the impact on the common man, and only when it was conveyed to him that steps were being taken to minimise hardship did he agree to the measure”, a long-term civil servant revealed, adding that “the subsequent silence of some top officials is inexplicable” in view of the fact that they were the prime movers of the 8 November demonetisation. The source added that “the effects on the poor have been uppermost in the PM’s mind and it is to this point that he kept returning time and time again”. 

The snafu relating to the size of the new currency notes was placed at the door of the RBI by a senior official, who pointed out that “everything from the design to the printing of the Rs 2,000 notes came from Mint Road (in Mumbai)”. The US dollar is the same size irrespective of denomination, while ATMs in that country avoid dispensing even $50 notes, focusing only on $20 notes so as to minimise hoarding of dollars. “If the RBI is sincere about working to implement PM Modi’s desire for an end to black money, it should print many more Rs 100 notes. Instead, the focus of the Central bank over the past six weeks has been the Rs 2,000 note”, which is very susceptible to being sucked into the “black” i.e. undeclared economy. “The economy needs lower denomination notes, of which there is a deadly shortage since months because RBI has for the past eight years catered mostly to the well heeled by concentrating on the production of Rs 500 and Rs 1,000 notes, rather than the more humble Rs 100 or Rs 20 and 10 that are essential in those sectors of the informal economy which create the most jobs”, an official now based in Mumbai pointed out. He added that “Prime Minister Modi has been careful not to interfere with the decisions of the RBI”. However, “perhaps the PM needs to be careful about some bureaucrats who painted a hyper-optimistic picture about the immediate fallout of the currency scheme” announced by the Prime Minister on 8 November 2016, advised a senior official who is in sync with the Prime Minister’s innovative views on transformation of governance. 

“The RBI is concentrating on Rs 2,000 notes that are the easiest to store and to transport in place of plastic because it wants to show that a higher value of currency has been printed”, a source claimed, adding that “the Central bank seems to care very little about small retailers and the common man, both of whom are facing a shortage of small denomination currency notes owing to the lack of an adequate contingency plan by the bank”. The official added that “only PM Modi has the authority to request (RBI Governor) Urjit Patel to ensure that the painful shortage of small denomination notes end through adequate supplies by the RBI”. “The shortage of currency combined with yet another demonetisation has led to a steep fall in the confidence of the people in the Indian rupee. They are going in for US dollars instead”, claimed a senior official, warning that “within a few more weeks, several hundred thousand small enterprises will close down unless the RBI gets its act together”. 

Officers in sync with Prime Minister Modi’s plans expect that during the next week itself, he will ensure that policies get tweaked in a manner than is people-friendly and not babu-friendly, and that “by 30 December, the economy will be running far more smoothly than it ever has”. The citizens of India are waiting eagerly for such an outcome to come about. 

There are 30 Comments

Mr Modi is an experienced hand. However, did he miscalculate and underestimate the deviousness of the old establishment entrenched loyalists and bureaucrats who have a vested interest in fomenting trouble for him and attempting his downfall? I believe Jaitley needs to be replaced. The guy is out of his depth. Swamy seems a good alternative, despite his ego and prickly nature. But he can tackle babudom.

Why Narendra Modi's Demonetization measure violates the RBI Act and creates financial anarchy http://seemasapra.blogspot.in/2016/11/why-narendra-modis-demonetization-law.html?showComment=1480211135736#c5654951053367361528

You're saying the Prime Minister got fooled and misled into approving an ill-advised proposal. So the people of India -- the poor, for whom his heart bleeds -- have placed their faith in a leader who can be so fooled and misled. Sad. Doesn't say much for their future and of the country. Anyone with the authority to approve anything -- from a demonetization plan to a 30-rupee conveyance voucher -- becomes responsible for what they approve. That's a basic tenet of accountability in management. If you were misled into approving it your competence to hold the authority is in question. Taking charge and salvaging the situation after the mess has been created doesn't alter that. Working 'more than ten hours a day' is no achievement in itself and deserves no sympathy, much less admiration. If you choose to take on a job you have to give it the time it takes. No one really cares how many hours a day you work: they only care whether you are effective. And if you get misled into approving monumentally bad proposals, how many hours a day you work doesn't make a difference.

Why so much venom? Working longer duration is a good sign in a country where common opinion of a "working minister" is one who downs 10 pegs, abuses very senior officers and then signs the routine papers they bring. If you had worked in any responsible post, you would know that not all plans are perfect. The more elaborate an operation, the more things will go wrong. People like you want to crib about work ethics of others, but do you personally have an outstanding work ethic. In our part of world, we have a saying: Any one can make a sweet with his mouth. All you armchair experts, what were you doing when scam after scam was going on? Your silence to reign political class, your unwanted gratification of political masters, and your selfish attempts that perpetuated the feudalism of the earlier centuries has given us the current mess. I hope you can move on to positive criticism now. thank you

It has taken nearly a hundred deaths and suffering to countless millions , for the Bhakts , of whom the author of this article is one , to decide that their Master now needs their support ! On November 8 and for a few days thereafter , it was Modi , Modi and Modi all the way ; now it is RBI , RBI and RBI ! How cheap can Bhakts get?

To start with a death is a tragedy and a sad thing to happen , it disrupts life for the affected family and the near and dear ones... We must respect all kinds of deaths with the desrved amount of seriousnes and empathising with the unfortunate families. Having said the above, do we actually have the statistics about why thousands of people die everyday in our country which has a population of above 1.25 billion..... I do not think so. How many deaths are due to natural causes...ageing, illness , how many related to accidents, starvation , suicides , wrong treatment by doctors , no treatment due to poverty or access to health care, murders and the list could be endless . Do we know as to how many people were dying everyday while going to the bank , in the bank, coming back from the bank before 8th Nov 2016 anouncement of demonitisation ... the answer is a No with a capital N. Then what is the point in doing mindless politics without having a sense of propòrtion. It is really disgusting to see the known and branded corrupt politicians in tandem with a section of media which has prospered and progressed due to patronage of such politicians and political parties creating a shrill campaign highlighting these unfortunate deaths....

Here is an excellent article that discusses how to profit this issue from an investor standpoint. Highly recommended. http://bit.ly/2g6JCiq And, another one, from the same source, that focuses on the future. http://bit.ly/2fXY1cG

S. Gurumurthy has suggested that all government/public institutions in the country should be forced to pay their employee income in cash for the next 2 months to fully stock the cash, and it will seriously help alleviate the problem of small denominations if the payment is also made in 100s. In addition, if there is a policy cap in total 2000s allowed in economy, it might help to withdraw it in the future.

Yes as per the RBI act the responsibility is theirs especially when they go on and on about how smart and independent they are....

ये aricle मोदीजी को shield करने और सारा ब्लेम अफसरो पर डालने के लिए लिखा गया है ।Its a motivated article. As plan made well in advance RBI calls its Board meeting at 6 PM , faxes its decision at 7, cabinet is called At 7 and passed at 7.30. Such quick action on an issue which was going to be main issue in next 3-4 months cannot be believed.

This article seems to give a clean chit to Modi blaming the disaster on the Babus....absolute Rubbish....this is like giving Hitler a clean chit for Jewish Pogrom and blame just Goebbels.....that is nonsense....if the Prime Minister is so gullible about such a huge measure leading to the complete destruction of the nation's economy and starvation deaths and panic deaths...he has no business to be Prime Minister........I personally told Prime Minister Rajiv Gandhi during the massacre of Bengalis in CR Park in 1987 by Sikh terrorists, when he came to visit a six month old child shot in the groin and her father dead while trying to shield her....that his tears were crocodile tears....does he really care? He did show compassion and personally turned around the security of Delhi by the Delhi Police.....PM Modi has till now shown no compassion...either for the victims of post Godhra Gujarat riots nor for the more than 100 senior citizens who have actually died standing in Bank queues...not in their beds where they would have wished to in the twilight of their lives. Narendra Modi thinks he shows tough love...real love for the nation...for which he has sacrificed his family.....he claimed that with tears in his eyes at Ghazipur.....why didn't he stand in queue for his mother.....did he use that drama to mock all other senior citizens who are too ill to stand in line..."look my 97 year old mother can do it....why cant you 80 year olds?" The man has no human feelings at all......brought up by the RSS....he is conditioned like Pavlov's dogs to react in the only way he knows....an indomitable desire to control and suppress....this was the condition of India dominated by the Brahminnical system before Adi Shankaracharya in 9th century AD......Shankaracharya traveled far and wide and had and made a reformist impact on Hinduism as powerful as the impact of Jesus on Judaism 2000 years ago.......Sri Chaitanya followed Shankaracharya 500 years later with similar revolutionary impact for which he was killed by the Brahmins of Puri......Modi is bringing back that dark ages of Brahminnism.....all dictators are bound to make one self defeating mistake that leads to self destruction....Hitler attacking Russia in the middle of winter was such a decision.....so is Modi;s demonetisation. Another disastrous decision comes to mind when Mrs. Indira Gandhi devalued the rupee in 1966 on the advice of Jagdish Bhagwati, without following up with reforms that Bhagwati suggested....without understanding the nuances of economic processes she demanded a YES / NO answer from Jagdish Bhagwati...what happened after is for all to see.....refer to Jagdish Bhagwati's and TN Srinivasan's explanation .....Volume Title: Foreign Trade Regimes and Economic Development: India Volume Author/Editor: Jagdish N. Bhagwati and T. N. Srinivasan Volume Publisher: NBER Volume ISBN: 0-87014-531-2 Volume URL: http://www.nber.org/books/bhag75-1 Publication Date: 1975 Chapter Title: The Political Response to the Devaluation Chapter Author: Jagdish N. Bhagwati, T. N. Srinivasan Chapter URL: http://www.nber.org/chapters/c4517 Chapter pages in book: (p. 150 - 155)

A consummate write up,combining an investigative orientation with perceptive insights. This is among the very few write ups I have found in the last fortnight or so, which has sought to weave in the concerns of the clumsiness of the tax regulatory and administrative system with the issue of hoarding cash--black or white. The current steps of the government are in the right direction but various other reforms will be needed, if the effect of demonitisation are to be sustained.

Your article is wrong in abdicating Modi for threeoreason. Since the demonetisation he has been cursing the rich in his speeches..yeh amir log ..70 saal se....garibo ka soshan jar the they..etc. Why , if wasn't genuinely feeling it ? Next he gloats that much logo ko apna kaala dhan theekane nahi lane diye...revealing he wanted some cash rich opponents to take on the heat. Thirdly he genuinely believes that everything should be digitised , all economic activities should be under his c control, all spending of individuals should be known so that he can target them, make govt policies accordingly. Due to his insistence on mobile e payments all my personal spendings goes through e wallets to merchants He gets to know how much I spend on necessities, on flowers to my girlfriend, on liquor, everything. Does this happen or possible anywhere else in the world, I would like your readers to comment.

Your article is wrong in abdicating Modi for three reasons Since the demonetisation he has been genuinely cursing the rich in his speeches..yeh amir log ..70 saal se....garibo ka soshan kar rahe they..etc. Why such comment , if he wasn't genuinely feeling it ? Next he gloats that log ko apna kaala dhan theekane nahi lagnee diye...revealing he wanted some cash rich opponents to suffer. Thirdly he genuinely believes that everything should be digitised , all economic activities should be under his ccontrol, all spending of individuals should be known so that he can target them for taxation and make govt policies accordingly. Due to his insistence on mobile e payments all my personal spendings goes through e wallets to merchant vendors who reveal everything in their statements. So modi get to know how much I spend , on flowers to my girlfriend, on liquor, everything. Does this happen or possible anywhere else in the world, I would like you readers to comment.

By shifting the blame on babu's modi can't shield himself of his blunder. He has not only made common man to suffer but also encourage black narketeers. He has also increased the fear among masses as to what great damage a party with full majority can do to the country. Going forward people would want divides political class than a mojority govt.

Can anyone in this country believe the line of argument that NAMO was fooled? Not even fool will believe this knowing what we all know about publicity hungry PM we have got. Please don't fool us anymore.

Your article is wrong in abdicating Modi for threeoreason. Since the demonetisation he has been cursing the rich in his speeches..yeh amir log ..70 saal se....garibo ka soshan jar the they..etc. Why , if wasn't genuinely feeling it ? Next he gloats that much logo ko apna kaala dhan theekane nahi lane diye...revealing he wanted some cash rich opponents to take on the heat. Thirdly he genuinely believes that everything should be digitised , all economic activities should be under his c control, all spending of individuals should be known so that he can target them, make govt policies accordingly. Due to his insistence on mobile e payments all my personal spendings goes through e wallets to merchants He gets to know how much I spend on necessities, on flowers to my girlfriend, on liquor, everything. Does this happen or possible anywhere else in the world, I would like your readers to comment.

I have to admit that a media house like yours truly has been suckered in to believing the whole story of the PM being misinformed about the project and it's preparedness while the whole Inform parliament is abuzz with how PM didn't invoice even the FM in the decision making process besides omitting consultations with any economists at all. These are just attempts to shift the blame from the PM to all and sundry and dilute the impact. However, the aim to reduce NPA's thru deposits is true and is taking place as we discuss. The big fish have long gone and the common man will suffer the pangs for times to come.

I have to admit that a media house like yours truly has been suckered in to believing the whole story of the PM being misinformed by his bureaucrats about the project and it's preparedness while the whole Indian parliament is abuzz with how PM didn't involve even the FM in the decision making process besides omitting consultations with any economists at all. These are just attempts to shift the blame from the PM to all and sundry and dilute the impact. However, the aim to reduce NPA's thru deposits is true and is taking place as we discuss. The big fish have long gone and the common man will suffer the pangs for times to come.

I completely support Mr. Modi. Only he has the courage to implement something suggested by the Babus and take all the blame himself. He has the goodwill and the support of people who elected him. This can be only done by him because he is honest and of clear conscience. No one else has the guts to do it. It is only a matter of small inconvenience for a few days that all true Indians have no problem with.

The author of this article has got plenty of fitting and educative replies from many wise commentators.

No one keeps black money in cash, most is converted to real estate & gold, so what is Modi going after? We have read these posts. Let's take an example: Apartment sale. A, being a govt babu, has acquired black money (BM) during his service. A purchases a flat from B, worth 5 Cr, 3Cr white & 2 Cr black. A now has 2Cr lesser of BM but B has 2 Cr more of BM which he can't deposit in the bank. B has 3 options to dispose of that money : Declare that as income, pay taxes on the same. A will have to explain and may be prosecuted. Spend that money by way of sundry payments towards small expenses. This money paid to small vendors may remain in circulation as white money. It will take a very long time to spend 2Cr. Any payments made in large amounts to such people as doctors, vendors etc, who do not show it as income remains as BM albeit in different hands. Use that money as the BM component to buy property, gold etc. Now the BM is in different hands, but is still BM. Thus the following is clear from the above - Only small fraction of BM, if at all, gets into the system. BM inflates prices of all commodities used to store BM value. BM once generated, remains BM, and only changes hands. most of it never gets deposited in a bank and hence is out of circulation, causing increase of prices. Demonetisation forces the current bearer of the cash stash to either deposit it in the bank or trash it. Former brings its value in circulation and taxes to the country. Later reduces the liability of the RBI and the RBI credits the govt to the extent of money trashed which is the diff of current value of demonitised notes issued minus the value of notes received by the last date in returns or deposits - govt being the guarantor of all issued currency.

No one keeps black money in cash, most is converted to real estate & gold, so what is Modi going after? We have read these posts. Let's take an example: Apartment sale. A, being a govt babu, has acquired black money (BM) during his service. A purchases a flat from B, worth 5 Cr, 3Cr white & 2 Cr black. A now has 2Cr lesser of BM but B has 2 Cr more of BM which he can't deposit in the bank. B has 3 options to dispose of that money : Declare that as income, pay taxes on the same. A will have to explain and may be prosecuted. Spend that money by way of sundry payments towards small expenses. This money paid to small vendors may remain in circulation as white money. It will take a very long time to spend 2Cr. Any payments made in large amounts to such people as doctors, vendors etc, who do not show it as income remains as BM albeit in different hands. Use that money as the BM component to buy property, gold etc. Now the BM is in different hands, but is still BM. Thus the following is clear from the above - Only small fraction of BM, if at all, gets into the system. BM inflates prices of all commodities used to store BM value. BM once generated, remains BM, and only changes hands. most of it never gets deposited in a bank and hence is out of circulation, causing increase of prices. Demonetisation forces the current bearer of the cash stash to either deposit it in the bank or trash it. Former brings its value in circulation and taxes to the country. Later reduces the liability of the RBI and the RBI credits the govt to the extent of money trashed which is the diff of current value of demonitised notes issued minus the value of notes received by the last date in returns or deposits - govt being the guarantor of all issued currency.

There will soon be one escape goat! The fall guy will be paid some allowances for the retirement and will finally resign in the name of the King!

A mess made by goverment of india has to be tackled by ruling party alone .To tackle black money demonietisdation is not at all a solution .Pundits will say many things to prime minister to please him and whatever they suggest will not turn out desired results under indian conditions .First and foremost thing is rule of law and timebound prosecution proceedings and deterrent punishments .Income tax defaulters are sitting happily in parliament .Those charged with criminal cases are happily moving around the power corridors . If counterfeit currencies are dumped from elsewhere such places should be found out through special missions and exposed or liquidated .Funding of general elections are fully black money which everybody knows . You cannot close your eyes and say everything is fine .

Respected Mr Nalapat, I would humbly like to bring to your notice an aspect which seems to be missed. This is related to the banking sector. Technically the current method of calculation of savings bank interest is having some shortcomings. It does not give the actual interest on the money being kept in bank for the duration. Normally the banks calculate simple interest on the savings bank account daily balance for each day and add them up for all the 90 or so days and then credit that total as quarterly interest after the end of 3 months. Now technically some money would have stayed in the account for the full 90 days, some for say 20 days, some for 30 days, some for 45 days etc. The banks already have an interest rate chart where it usually starts from a period of 7 days, we can assume that for duration less than 7 days, it would either be 0% or saving bank interest rate which is 4% now. The deposit interest rates would be higher than the savings interest rate. Also it is possible to calculate the interest for one particular amount for the duration it had been in the account as per the interest rate in the chart on the start of the duration. Now at the end of a quarter, the bank would have the interest rate charts for each day with updates taken place in between if any. My humble suggestion is that why cant the banks calculate the interest for all the money based on these chart data rather than a fixed 4%, currently i feel its like unfair from the banks. This would benefit almost all savings bank account holders and eliminate the need for having sweep-in fixed deposits and also the parking of more money in savings bank rather than in peoples hands. Please spread these message if you feel this is something to be thought of by the financial experts. Others reading this may also spread this if found helpful.

Midi has done the right thing.. Never mind the black money which demonitisation targets is only 3% or 10% and the big fish has got 90% stashed in property or tax haven a/cs would escape. This 3% or 10% is most lethal as this is the money used by corrupt ones to buy votes, buy police, influence court judgements and run a gundu Raj with this cash stashed. The black money stashed in property or in Swiss banks cannot be used for these atrocities & has to be in the form of cash stashes in their hands for these atrocities.Every note of Rs 500 or Rs 1000 in the hands of corrupt people nullified by ModiJi is infinite times potential to deliver benefits to the country. We need to find ways to prevent hoarding of the new Rs2000 notes & rest of things willl be in place. Jai Hind

Interesting to read an article that attempts to shift the blame so blatantly! This is how spin-doctoring works, make it look like an "independant well researched and educated point of view". Laughable! Even more interesting to read the responses, looks like the angry-protest voices are finally winning the space. ‘PM raised several queries, especially on the impact on the common man and only when it was conveyed to him that steps were being taken to minimise hardship did he agree to the measure.’ Either the steps were not taken, in which case PM failed as an administrator, or the steps planned were faulty, which means he made a poor decision by glossing over them. 'Prime Minister Narendra Modi is working “more than ten hours a day”'... why is “more than ten hours a day” in quotes, is it hearsay, not verified by the author? “Prime Minister Modi was presented with the issue in such a way that turning down the scheme was out of the question”. Really? The man with the 56" chest, and superior Moral Courage could not say "I don't Agree"? Clearly, he thought it was grand idea, and went ahead to personally announce this as his surgical strike master stroke. The rest of the article repeats the already known and well documented aspects of the fiasco, only it frames it as though these are Modi's concerns (actually "Officers in sync with Prime Minister Modi’s plans"). Of course it would be a crime if they were not. Still, there may be a small chance of success. If it succeeds it will be 'Har Har Modi Ghar Ghar Modi'. If it fails, it will the fault of that silent RBI governor who replaced the one with who dared to speak up against the supreme leader. Acchhe Din Indeed!

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