Kanpur: Showing to his three other fellow drivers the brand new Rs 2000 denomination currency notes one among them said these fresh legal tenders hold no match before old Rs 1000 currency notes. The main difference is that a wet two-thousand currency note cannot be accepted while the old soaked or wet pieces of currency notes were easily accepted.
More than this the new two-thousand notes are not tolerable at the petrol pumps. The logic behind this rejection is that there is the paucity of lower denomination currency notes.
Everyone was busy in finding out the chip but none was able to search within the crisp paper. When they failed to find the much-circulated rumour of chip they started saying if one throws the wad of new Rs 2000 notes along with the scrapped old currency notes people will show preference to the old ones. One driver said, “Even today none feels the same authority with the newer notes than the demonetised notes.”
It is now ten days since the bigger currency notes were declared valueless and the people are too desperate for the facility. As many as 34 deaths were reported so far but the ruling party spokespersons disapprove of these bereavements on official level though they altogether express their heartfelt sympathies with the bereaved families.
If the public, in general, has come forward to provide water, tea and biscuits to the harassed people standing in queues before the nationalised banks, why do the government not initiate helping hand to the bereaved countrymen?
There used to be not enough crowds at various banks’ branches in Jajmau areas here but now either scrapped currency notes are being deposited or exchanged. Every staff appears to be busy in this work. A lady customer asked the official concerned to transfer the maturity amount to her savings account but that staff with a cursory look at the deposit certificate told her to come on the next day. Thus. the gentle lady failed to avail the benefit of direct transfer of amount. This is a case of denial of quick customer’s service.
More than half-a-dozen women were bewailing at the paucity of the currency notes. How could they purchase vegetables, edible oil, sugar, eggs and so many other items which are available in lower denomination notes only? For this mixture of enthusiasm and desirability, there is a good popular phrase, “supping on horrors” of the common folk. There is a horrible joy in demonetizing the currencies in a tedious and annoying sing-song.
His views may have been correct or incorrect; his moves may have been successful or otherwise, this sudden decision on his part is not timely, said agonised women adding that what is the efficacy of this adjustment if we are facing problems unnecessarily?
It is certainly bad days for us who are the best administrator at home. It indeed cannot be a surgical strike on the black money but a strong thwack upon us in frustration. It complicates and snatches our financial vigour as well as capacity, they stressed.
Pensively these women perceived that our able Prime Minister appears to have been following the path adopted by Sultan Muhammed Bin Tughlaq in medieval times. He introduced copper currency equal in value to those of the silver and gold coins in 1330 A.D. In absence of adequate machinery to prepare standard coins, fake copper coins flooded the market making it difficult to distinguish between the royal coins and the private forgeries.
So tributes and land revenues started coming in fake coins resulting in state exchequer inviting huge losses. So as Modiji wanted to create troubles to commoners by scrapping bigger currency notes in the past days.
Whether it was 1938 or 1954 or 1978, the measures were not proved as much fruitful as was envisaged by the policy makers during those yester years they stated adding that how could the black money riddle be solved currently by scrapping of bigger notes?
The first demonetization of Rs 1000, Rs 5000 and Rs 10,000 notes were effected in January 1946. Later, it happened in 1978 when Morarji Desai scrapped Rs 1000, Rs 5000 and Rs 10,000 currency notes. It is now demonetised Rs 500 and Rs 1000 currency notes to deal with the menace of black money.
In 1978 IB Patel, then governor of the Reserve Bank of India disagreed with the measures while Urjit Patel, the present RBI Governor has lauded this bold step.