Unexpected and often unwanted things keep happening here in the state of Manipur more than at any other states of the country. The impact of Demonetization killed thousands in many parts of the country while the very exercise transformed many into untouchables and made many more millionaires overnight. The Government of India under the leadership of Narendra Daodardas Modi announced demonetization all of a sudden on 8 November 2016 of all Rs. 500 and Rs. 1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new Rs. 500 and Rs. 2000 banknotes in exchange for the demonetised banknotes. The government claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism. His expressed intention was to distribute the black money recovered to the poor people of the country. What is heartbreaking is that the Prime Minister’s aspiration to make every citizen of the country rich is never likely to become a reality. But demonetization brought good fortune for some exceptional people in the state. There are talks doing the round in the town that due to the demonetization some small micro finance runners who took risks became millionaires overnight and it was due to the many privileged class people who have plenty of black money contributed to the success of the micro finance bankers.
Unlike in other state, the demonetization is perhaps a blessing for the state. It raised a group of capitalist class people who provided employment opportunity to hundreds of jobless people. Even as it is against the socialist ideology, it did serve some people who are searching for job. The agenda of Right Wing ideologue is revealed even as it has always been working under the shadow of the Socialist ideology.
It is not a simple and baseless criticism when this newspaper states that a neo capitalist class has been born of demonetization but an open secret which happened in front of our eyes. The only thing is that Indian legal system is very complicated that sometimes a wrong becomes right due to loopholes to prove that it was wrong. Perhaps it may be not due to loopholes in the Indian law but lack of sincerity and commitment to prove that it was wrong among the legal practitioners or worse still, a deliberate obstruction/destruction of evidences to support proof of the crimes.
Well good things are always good. Everybody needs to encourage those who are successful in becoming employers. But what about the many hundreds of people who had uncountable amount of black money which makes things possible for some exceptional people?
So far, there hasn’t been any investigation into how a person have so much money beyond his known sources of income before the demonetization and how such individuals deposited huge amounts to the micro finance business establishments instead of depositing it to the banks. Why has the government agency still not looking into this matter?
While success needs to be appreciated and encouraged, the government machineries who are authorized and entrusted to keep a check and balance on such things need to put their acts together and place their responsibilities before the perks privileges of their profession if any semblance of financial order is to be maintained in the society failing which the whole system runs the risk of falling prey and giving in to corruption, black marketeering, extortions and blackmails becoming a daily affair. Strict vigilance and swift corrective measures supported by stern legal actions will prove to be a big deterrent for anyone indulging in public money for their own greedy and selfish end.