While like most of the people of this country, I too have mixed feelings about the merits and demerits of demonetisation, here comes another news that Rs2000 note that has been out of print for almost 5 years needs to be either exchanged or deposited in the bank account before 30th September. It will no longer be a legal tender thereafter.
I am sure that those calling shots (government and RBI) have studied the scenario post demonetisation in depth, without biases or pre mind sets before arriving at this important decision! Were the objectives of previous demonstration that caused great agony to the mankind, but was supported by common citizen for its noble cause, fully realised and achieved? Could we account for all the black money and weed it out of the system? Is the black money or unaccounted for cash holding no longer an issue for the nation?
While it’s true that need for cash has come down drastically ( a kind of revolution seems to have happened post UPI and you just need to scan QR code on your mobile to effect any payment- forget even cards or registration of payees for making NEFT/RTGS payment) and we are hearing about CBDC ( central bank digital currency), common households always save some cash for emergency ( mostly housewives) and such recurrent demonetisation puts people to unnecessary hassle. On a lighter note, how many times will homemakers be exposed for their secret savings that they painstakingly accumulate over a period of time!
Let’s hope this time the discontinuation of Rs2000 note will not cause any woes to common man, be not politically controversial and achieve all the objectives without any pain to anyone. Government should also abstain for such moves looking to India’s vastness and associated complexity.
Arvind Arya blog 