Dear Mr.Modi,
Sir, we salute you for giving up on your family for the nation & we all respect you for everything you have been doing. You have ushered in sweeping changes since you came to power.We understand these changes will bring in major reforms in the long run and at the risk of sounding like pathetic little "Whiners", there are time when we hate you for the inconvenience cause by the government policies but we still love you as our PM.
Coming to the point now, initially
when the news regrading demonetization broke out we all were happy. There were
celebrations going on for a while but then we realized the dark side of this new change. A
day after it was announced there were people queuing up in lines at ATM’s,
Banks, Petrol Pumps, Chemist & Hospitals. I am sure you are aware about it,
Oh sorry you probably left for Japan. Sir, we know your time is too precious
& you wont be standing in such lines neither do we expect you to because you
have better things to do for our country and I am not being sarcastic here. The last thing we want is the Indian PM queuing up. Although, I don’t think this move should have been propagated the way it has been.
This move didn’t really curb black money, I hope you understand
higher denominations will make it easier for people to stack up on Cash. Right now
the total black money India has in cash is around 6% as per a few sources I have
been referring to. To curb this 6% of the black money & to trouble that
rare 2% of the Indian population holding such black money you made the rest of
the billions stand in lines, suffer & die in these ques, worst I just read
today morning that a new born died because the hospital didn’t expect the old
notes. You’re no where at fault for all of this it’s us Indians who have
failed. Its humanity that like always has failed but I still don’t get it, is
this move worth it?
The only good thing I see here is stone pelters in Kashmir being funded by the anti-nationals
now are no where to be seen because obviously there is no funding that the
anti-nationals are left with. Good part, the counterfeit currency has been
curbed for a while, or has it? There is already news of a fake note found in
Karnataka. Did this end corruption in any way? Probably not, there is news that
a Maharashtra official was caught taking a bribe. I am happy at least he has
been arrested.
I will tell you the scenario that I have myself seen here in my hometown &
heard from friends living across India.
First thing, we are not sure if the ATM’s are even being refilled. You stand in
lines for hours just to realize that the server is down or there is no cash
left in the ATM. Now that you are not having any cash & no one would accept
the old notes one thing is for sure that a lot of businesses are running on
credit. This whole month may be the next month too they will be running on
credits. These are local businesses who barely make enough money to just be
able to fund their child's education & provide their families with food.
Also, some of them who make enough to be able to pay taxes are already paying
taxes. I would want your team to recalculate the losses these business houses
will be facing in these two months pan India when I say pan India, I especially
want to stress on small villages & towns as well. Check this against the 6%
of Black Money or what ever the maths is there and then let us know if it was
worth it.
Speaking from an economic point of view, this seems like a very capitalist
move. Let me explain why I say so. Now obviously there will be less withdrawals
by the general public. There will be more cash in banks. These are the same
banks which have bad loans of around 6,00,000 crores & there have been various
announcements lately regarding infusing capital in these banks by our Finance
Minister.
This definitely looks like one move to do shore up the lending capacities of
these banks. Now obviously I don’t need to borrow 6,00,000 crores from these
banks nor do my friends or their friends unless of course they are friends with
someone from the Ambani family, Jaypee Group,Lanco Group, GMR Group,Vedanta
Group, Essar Group, JSW Group, GVK Group & you can add up more names to
this list. So we are basically standing in lines to fund the projects that will be run by these guys, they will be minting more money & some of them might even be having a lot of black money stocked up in Swiss Accounts, just an assumption.
I haven't seen a single person who probably has black money standing in the que outside the banks you know why? Because they have distributed this cash to their employees & relatives and they will be taking it back later. Hope you came across articles speaking of MP's distributing loans in cash (500/1000) up to 3,00,000 per head with no interest for 6 months. Voila, Old Black money converted into White. There are too many ways around it & a few loopholes clearly visible, I hope you have planned for the penalties in such cases & are able to track these down in the coming months. I am sure there will be people doing a lot of Bank transactions in the coming months to get their black money back in White, I hope there is system set to track this.
I really appreciate this move, I do but what I really wish could have changed
is how this has been implemented. You should have at least given this 2 months before
actually demonetizing & after the release of this news there should have
been a system set up to track all transactions happening with conversions related to cash inclusive not
just of Bank but Forex, international transfers, loans given, Real Estate,
Gold. Every possible thing people can buy from Black Money. This would have
probably helped probably not, I really don’t know. It's just something I feel
might have been a better move. This way probably when you would catch the black
money being converted you would have also been able to get hands on the right
people. Making notes absolutely worthless overnight was may be smart, may be
not. I am no economist to comment on it.
I am just a student facing the
troubles every day and although right now it isn't hurting me much but if this move doesn't rolls out well I am not sure how all of us would react but at the end of the day I am a proud Indian & I want to do my bit for this country even if it means standing in lines for a few days. Its nothing compared to what our soldiers our doing for us on the border ever waking day. I am also hopeful that next time even these glitches wont be there.
All of us are expecting a lot of other changes. We all are dreaming of a corruption free India, an India where reservation is a blessing and not a devil. An India, where black money isn't the curse & there is less economic disparity. It all looks like a dream right now but then they say dreams do come true. Hoping you all the best for the rest of your term & really looking forward to some brilliant policy changes with proper implementation this time. I am hoping for less chaos.