by IT Web Admin
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By: Lukhendro Keisham
Contrary to the simple and honest goal to tackle fake currencies of high denominations demonetisation is our government’s very first practical step towards curbing unaccounted and black money. Leaving aside the rest of the country and talking straight this initiative by our decision makers is unofficially a flop show here in Manipur, a brand new crap among the already existing filthy issues of the state making our lives more miserable. With economic blockade since 1st November, 2016 on all national highways of the state byUnited Naga Council the demonetisation on 8th of November has fried our lives by the government as well as the civil organisations.
When we heard about demonetisation we were all taken by surprise, such a bold act by the government. We and the nation cheered for being really practical on illegal money. Few days later the doubt arises.
1. Did the insiders secretly warn their friends and allies before the public declaration?
2. Are the unaccounted money still in its unaccounted states with various concern authorities slipping away valid currencies to those unaccounted money holders?
3. Why would government keep on changing the banking strategies if it was a stable and well thought out plan?
4. Lack of transparency on currency conversion at bank branches. Citizens are kept in dark from real-time stocks of currencies at banks. They have no idea how many new or old monetised currencies were exchanged among how many people. People had to go back disappointed after being in queue for whole day.
5. Rumour is taking advantage of the situation bank staffs charges a cut for converting the old notes with valid ones in close doors. Few even charges 20% of the real value of the old notes. Unaccounted money holders are their clients and the reason to why banks remain cashless all the time for common public.
6. Said that the Reserve Bank of India sanctioned Rs.1, 500/- crores to exchange for demonetised currencies. While all other states in the country seems to have solve the shortage of currencies with no more queues by 20th Dec.,2016 we still see them here in Manipur. How long does it take for all the banks and its branches in Manipur to exchange Rs.1, 500/- crores? How comes the much populated, bigger and industrious states including our neighbours had enough currencies by 20th Dec. and not ours?
7. According to 2011’s census the population of Manipur is around 27, 22,000. Than on an average we get Rs. 5510.65/- each to exchange from the Rs.1, 500/- crores allotted for the state. So, to do the math the question is how many citizens exchanged their demonetised currencies in accordance to the daily limits and for how many days per person?
8. How many demonetised cash are deposited at banks so for? All the above has to align in its proper space if the concern authorities did not involve in any close door affairs during demonetisation.
The aftermath of demonetisation day is what explains the effectiveness of demonetisation. From the beginning the situation seems under organised with no concrete and stable decisions to solve the scarcity of currencies. Questions were raised on what extend the demonetisation is going to bring back black money. It would be wrong to politically blame the ruling for there is no reason to praise the opposition either. Believe it or not the ruling Congress government in Manipur is on cloud nine now. Every event here seems to be in favour of the ruling India National Congress. In the history of Manipur under the Republic of India this government credited for making some of the most reasonable decisions in critical times.
The central government said they have been planning it since eight months and have increased the production of 100 rupee and lower denomination currencies to meet the replacement demands. But looking at the scenarios the process of demonetisation looks like a sudden, wild and hush – hush decision. It seems to lack proper planning and strategies. We the common citizens of the country are also the ones who are hit by the decision. Onboard passengers travelling on days long train journey panic for food expanses, money laundering business was on complete halt and people in badly needs for loan were left empty handed in wilderness. Private transporters had the least of passengers, daily wage earners ran out of jobs as their employers didn’t hire them due to shortage of valid cash. Individuals planning for start-ups or investors halted their investments, cultural and religious event felt short of cash, wholesale grocery stores were totally shut for few days and many local markets remained dry due to unplanned reasons.
The whole nation paid a heavy price and the reason why demonetisation is a bold step by the Government of India. Compared to the financial gains it has caused a great deal of losses to the country too. It may wipe out few fake currencies but not the whole racket. It is obvious, like oppositions in parliament the fake currency makers will strike back with new prints. Whether you agree or not our own bankers whom we call brothers and sisters are the ones who are involved in all the dubious process in demonetisation. To be practical the politicians, the bureaucrats, the soldiers, the media, the musicians and the people are not to be blame. They do not handle banking activities.
Fact is the many extra effects and hardship Manipur felt were all man-made. Critics will be there but if implemented well and with due steps targeting unaccounted money the nation will sure succeed in its financial accuracy. Had all wealth and transactions of the country be accounted accurately India will sure rise its share in the world economy. Our modern era of administration is built on financial stabilities. With accounted income and expenditure we will be able to check the accurate number of families living under poverty line and those who are hiding it as well. But as you see most of us are dishonest citizens and anytime opportunity strikes, no matter how unsocial they are we don’t leave any stone unturned. And in Manipur it’s the paradise of all broad daylight robbers.

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Imphal Times is a daily English newspaper published in Imphal and is registered with Registrar of the Newspapers for India with Regd. No MANENG/2013/51092


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