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We Crooked Indians! Kya Hum Sabh Chor Hai?

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Last few days of news have been a bit depressing and revealing at the same time for me…!

From my earlier posts, it’s quite obvious that I was (and I am) quite gung-ho about demonetization and the drive to purge India of black money. A blow to a class of citizens who have been leeching on India- by tax evasion and corrupt practices. In one’s mind, this conjured a picture of big traders/businessmen, contractors and officials- who concealed their earnings or ill-gotten wealth. And in contrast, the pitiful salaried mass which bore the brunt of taxes on their meagre wages, being the honest class.

But, maybe I was wrong. To paraphrase a dialogue from “A Wednesday”, maybe, “…We are just honest by force, not by choice!” We are honest- only because we never got an opportunity or had enough nerve to cheat and evade taxes, beyond petty ones. And, when this opportunity came to a few over last few weeks, they grabbed it.

Look at the news over last several days:

Millions are being found in laundered money, in new currency across the country- with politicians, Babus, businessmen. The channel of laundering invariably is some ingenious new method that didn’t even exist earlier. Of course, the rich and corrupt will try all possible means to save their stash. But this time, it is the erstwhile honest common man helping them save and launder it. No, I am not referring to money mules or Jan-Dhan-Accounts or the weak and exploited. And it’s neither these new helpers are helpless and forced under dire threat to do it.

While millions of common bank & postal employees are doing an amazing job; a few within them who got the opportunity made the most of it. Ordinary white collared bank managers, even postmasters, NGOs and charitable organizations and many such otherwise seemingly regular honest folks have become money launderers overnight.

What makes this possible? What makes us do this? Are we genetically programmed to be corrupt, if the right opportunity comes forth? If this is who we are – do we really deserve a better governance? Do we even have a moral right anymore to point fingers at corrupt politicians? The scams we rue and lament about – are just missed opportunities that went someone else’s way. We all say we want Mother India to be saved and to prosper. But, we expect someday a Krishna avatar will come and magically save her. Till then, let us continue being Dusshasana…

Kya hum sab chor hain?:

http://www.nationaldastak.com/story/view/axis-bank-managers-taking-bribes-in-exchange-for-40-million-to-40-crore

corrupt1

Telangana: Police recovers #demonetised currency worth Rs 12 lakh in Mahbubnagar; arrests 3 persons including a postmaster.
— ANI (@ANI_news) December 1, 2016

http://indianexpress.com/article/business/banking-and-finance/demonetisation-27-senior-psu-bank-officials-suspended-over-transaction-irregularities-4407076/ 
corrupt2

Rogue cops laundering money…https://t.co/BWm5dc9fIR
— SoulinExile is Back (@SoulInExile) December 1, 2016

corrupt3

The postmaster planned to divert pension money to convert #Maoist old currency into new. Arrested in #Mahbubnagar : https://t.co/AbJOrmCFQA
— T S Sudhir (@Iamtssudhir) December 1, 2016

Bengaluru: Income Tax dept seizes Rs 5 crore cash in new and old currency https://t.co/kCNzsz8aHg
— DNA (@dna) December 1, 2016

New Notes Worth Rs 4.7 Crore Seized In I-T Raid On CM Siddaramaiah’s Aides in Bengaluru https://t.co/ZG7OYCq7A9
— Prasanna Viswanathan (@prasannavishy) December 2, 2016

As per #PublicTV ₹5.7Cr seized by IT Dept from 2 State Govt Officials is actually a part of ₹16Cr of new notes exchanged by 5 Govt Officials
— Narayan (@bns5) December 2, 2016

#Big5At10 with @bhupendrachaube | Operation #BlackBankers exposé shows that the rot runs deeper, Axis Bank manager agrees to launder money pic.twitter.com/oIC322U4X8
— News18 (@CNNnews18) November 29, 2016

10 held for facilitating notes exchange, Rs. 1 crore seized: The Coimbatore City Police along with Income Tax… https://t.co/Vk5kHamdKj pic.twitter.com/1qfhmgDGgP
— Tamil Nadu News (@NewsinTamilNadu) November 28, 2016

CNN-News18’s @Ashish_Mehrishi exposes ‘Big Bank Fraud’ – @AxisBank branch accused of converting black moneyhttps://t.co/4H88T41qWU
— News18 (@CNNnews18) November 28, 2016

Rs 1 crore in scrapped, new notes seized from diamantaire’s office https://t.co/Zsc3hZEOEX
— Surat Journal (@suratjournal) November 30, 2016

Rs one crore in demonetised notes seized in Vizag https://t.co/ojYfLCtNYk
— Ten News India (@TenNewsDotIn) November 30, 201

Demonetisation: ED conducts countrywide searches at over 40 locations; Rs 1.20 crore cash seized

Maoists Extorting Money Gave Him 2 Bags Of Cash To Exchange

Will demonetization help the BJP score a vital point in the run-up to UP 2017?

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On the 8th of November, 500 and 1000 rupee currency notes were demonetized by the Prime Minister in an unprecedented move. The sudden announcement was greeted with optimistic zeal by a tense Indian citizenry who were finally witnessing action after years of lip service by countless politicians.

In the nearly three weeks that have passed since then, some unanticipated effects of demonetization have surfaced. With the crucial Uttar Pradesh elections round the corner, such a massive decision is bound to have wide ranging political implications for the BJP which are unforeseeable at this point. But there is a reason to cheer on one count. The agenda setting along caste lines by the biased media has been lulled before it could translate into damage. The fabricated and highly polarising narratives engineered by the media and the so called intellectuals proved to be successful in influencing the Delhi and Bihar elections to the effect that the BJP suffered massive defeats (read: Journalists caught inventing incidents and data around caste atrocity ahead of elections).

In both these instances the media machinery went out of its way to portray the Prime Minister and the BJP as communal and oppressive, manipulating the voters with their shoddy tactics. They succeeded in shifting focus from development to secularism, from ‘Sabka Saath, Sabka Vikaas’ to intolerance right before the elections. And miraculously, right after the elections India would be cured of these ’emergencies’. As the UP elections were drawing closer, the biased media was again gearing up for a burial of journalistic ethics. The agenda was to divide people along caste lines by portraying the BJP as oppressor of lower castes. Every unfortunate incident involving discrimination against Dalits was somehow linked to the BJP and blown out of proportion. Stories were fabricated to suit the narrative being created. Rumours were made headlines and hearsay was spun and printed as truth. All major media houses started highlighting Dalit atrocities and the debate had already become the central talking point since July.

But ever since the demonetization was announced, any mention of Dalit atrocities has virtually vanished from the national media space. The most elementary observation of news tweets from major media houses reveals how any caste based reporting has disappeared since 08 Nov with only 6 tweets containing the words ‘Dalit’ or ‘caste’. Moreover these tweets aren’t regarding violence against lower castes but instead about ‘clean-politics’ Messiah Arvind Kejriwal’s tweet declaring that AAP will make a Dalit its deputy CM in Punjab.

Tweet analysis

So, does this mean that violence against lower castes has stopped entirely? No, ofcourse not. But this means that the talking point for electoral debate has now been set by the Prime Minister with the media and Opposition being forced to form narratives based on the twin surgical strikes- one against Pakistan and the other against black money. He has preempted a further media-driven division along caste and religious lines of the UP electorate by causing a centralization of the elections around a simple binary- either the voters will approve of his actions for development & the nation at large and against black money & corruption or they won’t. And while the BJP found itself on the wrong side of the intolerance and ‘minorities under siege’ debate the recent bypoll and Maharashtra municipal corporation results suggest it is on the right side of this one.

Demonetization: Suggestions to ease the cash scarcity

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Sri. Narendra Modiji
Hon’ble Prime Minister Sir,

This in reference to – Give your feedback on 500/1000 rupee Demonetisation, dt: Nov. 28, 2016 sent to me from Email Id [email protected]

I suggested that,

Internet services connectivity be improvised in every part of our country for better cashless transaction by one and all for internet, mobile and other type of e-banking.

Reserve Bank be asked to make free the banks from pay-slip and cheque especially to those who hold accounts and use thumb impression and provide them biometric cards to deposit and withdrawal in all branches of state owned and private banks etc.

All ATMs should have both withdrawal and deposit facilities, regular and biometric facility.

After DEMONETISATION Why people and bank officials faced hardship in deposit, withdrawal and exchange? It’s all due to excessive account holder per branch, relocation of branch named and started in particular locality. More number branches needed per locality to minimise the account holders as well as bank staff hardship.

Private banks also should be asked to reduce Minimum balance norms equivalent to nationalised banks.

It’s better to have a debit cum atm card under one name and style to all nationalised banks. Let all the banks be asked to prepare the new ones and be replaced with old ones. Coding in the magnetic strip of the card holder be carry the branch code with the account number. CVV is bank’s discretion.

Almost all the urban bank account holders have been provided either Debit card or ATM card by respective banks.

Make compulsory that, these card holders should use card for all purchases and other payments through ATMs or Swiping Machine available in the banks and other outlets.

For wide use of these cards charges levied be waived off on purchases etc as well as other bank ATM withdrawals.

Just like several super markets offers prepaid cash coupons for members for purchases in their outlets, high security coupons can be sold by cooperative and nationalised banks for purchases and other payments by  Urban, rural and other less educated people.

These coupons will be very handy for the payments to domestic servants and others by the people.

The vendors and others like state and central government departments etc can surrender with their bankers for the credit of the amounts in their accounts or for exchange in cash to certain limit in any nationalised or private bank.

Printing of such coupons be done by the Reserve Bank of India.

These measures will help to paperless cash transactions.

Now, it’s salary-cum-pension disbursement period, the requisite Cash for each branch as well as ATM is not reaching in time also insufficient for disbursement.

I suggest that, to ease disbursement and none of customer go empty hand let the RBI be asked to issue notification as suggested;

Between Dec. 5th and 20th 2016, in nationalised banks and all ATMs

Rs. 500, 100, 50 and other denomination notes be made available to each branch sufficiently instead Rs. 2000 notes alone during this period.

Let there not be No Cash board to greet the customers.

from 10am to 1pm let the Pensioners and Women alone be allowed for withdrawals and deposits.

from 1pm to 3/4pm current and other account holders transactions be allowed.

Let every bank branch be provided POS/swipe machine also apart from cash counter for deposits and withdrawals on permanent basis.

I do expect a feedback from your good offices on the suggestions place before.

Yours sincerely,
TR. Madhavan

Sonam Gupta found exchanging notes that claimed she was a Bewafa

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New Delhi: Sonam Gupta probably the most famous girl in India right now, was today found exchanging notes which claimed she was a Bewafa at the State Bank of India Karol Bagh branch.

We spoke to the cashier who talked to Sonam, “Well until yesterday I had neither met nor heard about anyone with the name of Sonam Gupta and was feeling really disappointed. But all that changed today. In morning there was that usual long line outside SBI which looked like relatives queuing outside a boy’s house on the day of 12th Board results. At about 11:30 a woman in her 30’s came to my counter for exchanging notes. Just reading the name on the note gave me an electric shock, it read Sonam Gupta, I did a double check like I do whenever I am on dope but it still read the same. With shaking hands I took her old Rs 500 notes for exchange. I got a bigger shock than what I and my colleagues had when we learnt Mallya wasn’t going to return the money after seeing that all the Rs 500 notes had ‘Sonam Gupta Bewafa Hai’ scribbled on them. I thought I was going to have a seizure when she looked into my eyes and whispered, I am the Sonam Gupta and these are the last notes which have my name on them. Before I could yell like a madman she winked and made her way out of the bank, I just got tongue tied just like my bosses when some politician asks them to give a huge loan to their friends and family. Though  now after Rs 2000 notes were also found to have the message Sonam Gupta Bewafa hai, I really hope she would be back to exchange those notes the next time some PM launches another demonetization scheme.”

In other news Arvind Kejriwal launched a blistering attack on Sonam Gupta calling her a Modi Supporter after claiming that Sonam Gupta Bewafa Hai trending on Twitter was one of the reasons the people stopped talking about the paid revolutionary trend of Modi taking bribe of 25 crores.

An open letter from a liberal Hindu to elite class English intellectuals

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Dear Elite Intellectuals,

I am Shubham Verma. I am a General category Kayastha Shaivite Hindu. I do believe in Jaati, Varna, Kul, Vansh and Gotra, which are nontranslatable so do not misinterpret them with Caste word of europe. I believe in non-dualism philosophy of Shankaracharya which says-“God is consciousness or energy which can neither be created nor be destroyed, it is in everything.” My God is not someone sitting in the sky and guiding everyone like a Boss. I do believe in Vedas, Upnishads and my original Sanskrit texts. I respect all ‘Shrutis’ and ‘Smritis’ of my religion whether it is ‘Manusmriti’ or ‘Yagyavalkyasmriti’ (Original texts, not which are altered by Britishers or communists). I do have faith in my culture, values, morals, ethics and joint family system. I believe in ‘Jati’ because it is an important factor of Indian decentralized economy and I have a firm belief that ‘Jati’ system should not be demolished but ‘Jati’ discrimination should be demolished. I firmly believe in Indian cultural nationalism which exists from thousands of years. I do not have any apologetic approach towards my nation or my identity. I also do not have any inferior complex about my ‘Jati’ or ‘Dharma’ or ‘Sanskriti’.

Now, why I am writing this to you intellectuals? Because, you are spreading lies about our religion and culture in your books and writings, which our younger generation is reading and feeling inferior or apologetic about their own religion. I am very disappointed with the kind of books and articles you all are writing about my religion. I will not name you this time but I will tell you which things I am talking about. I am talking about negative Feminist angle of Seeta, Surpankha, Shanta arya, Dropadi etc. Portyaing Eklavya, Karna as Dalit victims. Similarly, praising of demons like Mahishasura, Bakasura, Rawana, Kansa etc. In the original texts of Ramayana or Mahabharata or Durgasaptshati and all , they did not write about negative things happen to these characters but you people interpreted it in your own way and started misquoting the religious books in the name of feminism and Castism. Who gave you this liberty to write against my religion? Did you read all Vedas, Upnishads, Purans, Smritis, Shrutis etc before criticizing Hindu religion? Did you practice the original form of Hinduism before criticizing it? Why don’t you see the character like ‘Gargi’ who wrote Vedas, or Valmiki, Vedvyasa, Kabir, Ravidas who were shudras as well as saints. Why don’t you see power of women in Durga, Saraswati, Laxmi, Parvati etc? From last few years, there were several books that are being written by you English class intellectuals which only targets Hindu gods and godesses. Not only this, you are also comparing all the Rakshas (Demons) with Dallits, Dravids and Tribals which is dividing the Indian society and destroying our social fabric. Which kind of narrative do you want to create in the society? Please make it clear that you want to tell the dalits, dravids and tribals that–

“They are original inhabitants of India and Aryans (North Indiansand Generalcategory Hindus) came from outside who wrote all Sanskrit texts and they are white so all Gods are white and Aryans killed all black demons and these demons are no one but dalits and dravidians.”

This kind of rubbish narrative you want to build to divide my society. Aryan-Dravidian myth was busted years ago but you are still propagating it, pity on you and your knowledge. Dalit word has recently being introduced and you are comparing it with thousands of years old civilization. But, my concern is not that you are lacking of knowledge that is but obvious, my concern is that what will you achieve after dividing the society in the name of Upper caste vs Dalits, Men vs Women, Joint family vs Individual or Aryan vs Dravid ie North India vs South India?

A lot of books written by you so called intellectuals in the name of castism and feminism in Hindu society are just rubbish. You are writing Rama as anti feminist, Durga as a bad women and Mahishasura, Rawana as heroes. From where these kinds of narratives are coming from, did you ever think about it? How every social sciences college of country and every novelist at a sudden started writing against Indian mythology or history? Don’t you think it is a plot from a foreign land who wants to deconstruct Indian ethos? Mcauley once said if you want to do a farming, first reap the older crop then only new crop can be grown. This is what you are doing from that time, they want to rule over India and India has a cultural nationalism. In order to destroy cultural nationalism they have to destroy the culture. This time it is America and their universities like Columbia University which are doing this to us. It is an older game of British colonialism which is now played by Americans. They did the same with Soviet Union then in Arab spring they did it with Libya, Egypt, Iraq, Seria etc and now the same pattern they are using in India. India is a nuclear power nation; they do not send the forces directly to us. So, they are changing the minds of our youth in the name of caste, creed, color, feminism, individualism etc. This you need to understand, that they are playing with the soft power and you elite English class writers and media houses are working for them unknowingly or knowingly. They are providing scholarships; foreign tours etc to those who write against India and you greedy selfish intellectuals are going into their direction, shame on you! I want to clarify this to you that you are not losing your trust but also losing your credibility in the nation by selling yourself to colonialist powers.

In the end I just want to say this that stop defaming my nation, my religion and my culture. Stop misguiding people in the name of feminism and castism. We hindus too have feelings like other religions. We could also become crusaders like Xitianity had or Jehadists like Mxlims, but we will not do that, because our religion and culture, which you are defaming, taught us non violence, peace and love. We believe in winning people by debates and talks not by violence, so I am writing this to you please change yourself. If you cannot write about feminism angle of 9 year old Aisha, or virgin mother Mary then stop taking us for granted, too.

Thanks,
Shubham Verma
[email protected]

Three perspectives of demonetization: Economy, Common man and Opposition

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The ‘Aam Aadmi’ has endorsed Modi’s demonetization decision. The Aam Aadmi’s confidence and trust in Modi is due to the fact that the Aam Aadmi  realizes, “in the long run he will live”.

This is contrary to what Keynes and MMS would like us to believe. The realization that “in the short  run we will be dead” is what drives Kejriwal, Yechury, Mamata , Mayawati and the Congress scamsters to indulge in hooliganism inside and outside Parliament. It is sickening to hear their fake concern for the poor; their parrot like repetition of questioning Modi about “Acche Din”, “15 lakhs in each account” etc, etc. They rely on the false media reports about BJP men being aware of demonetization in advance. They link every death on the street to demonetization. The entire opposition has turned out to be a bunch of jokers and circus clowns. Small mercy that the deaths of Balamurali, MGK Menon and Padgoankar have not been linked to demonetization.

The Aam Aadmi eagerly waits for the day to see the likes of Kejri, Mayawati, Mamata etc, falling unconscious while lining up in front of Banks. That will bring real happiness and succour to generations of Indians who have been deprived of a decent life and livelihood. It would matter little to the Aam Aadmi as to how many lakh crores of black money was burnt, buried or trashed.

When Ramachandra Guha–the chronicler of the Congress dynasty—insists that the INC should die, one can well imagine the state of affairs vis avis popular sentiments. Chidu, Dig Vijay and Kapil Sibal  going around in circles mouthing inanities  indicates that the INC and the parties that support it are running out of ideas.

To borrow from Keynes and Guha  “All these political parties and entities who indulged in organized loot and legalized plunder must die”. Whether they die in the short run or in the long run is a choice best left to these looters and plunderers.

Open letter to fellow Aam Aadmi over Black Money

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Dear “Real” Aam Aadmi,

So, you got your first Rs 2000 note! Good.

And you have completed the rituals too:
Selfie with new currency – done.
Voting on the Namo App – done.
Water test, crush test, colour test – done.
Adjusting spending plans – done.
Expressing support via petitions/Facebook/twitter – done.
Heated discussions about Media myths and FAQs – done.
Debates on political reactions, #IamWithGovt hashtags – done.
Fwding whatsapp jokes about demonization – done.

What next?

Is this the end of the revolution? Does this complete the ‘big change’? Does the surgical strike on black-money end here? Does our role end with that hashtag/petition and a patient wait at the ATM?

It would be fallacious to believe that a chronic epidemic like Black Money, which our systems and society has nurtured for decades, would get wiped out by a single surgical strike. Even the govt does not claim that demonetisation of Rs500/1000 will prevent future creation of black money. Demonetisation just a one time purge, but not the end-solution.

And total annihilation of black-money can not be achieved by a PM, a cabinet or its government.

We all – in some form – have played a role in the creation of black money. And therefore, we all must – in some form – play a conscious role in its annihilation hereon.

War against Black Money needs to a mass movement. The malaise is so well entrenched – there are no easy battles in this war.

But here are some steps – not easy – that you can take:

Tough – Change yourself!

A push towards cash-less economy is deemed as one big therapy required for controlling this malaise. But, for a nation as big and diverse as India, going completely ‘cash-less’ may be a pipe-dream, decades away.

‘Less-Cash’ economy may be a more reasonable goal to aspire for in the near-term. If cash in circulation can be brought down from the current Rs 18 lakh crore to say just Rs 3-4 lakh crores, that less cash to stash away as well.

We all need to change and adapt to newer means of digital economy. It is tough. Any change is!

Start with yourself. Avoid use of cash as much as possible. Use cheques. Cheques are too cumbersome, use credit/debitcards. Don’t like taking credit, use your own account via net-banking. Not always online, use UPI or other e-wallets.

Sounds alien? Its simple… read about UPI here and here

Tougher – Be a messenger of change!

But a transaction takes two to tango. Even if you and your friends catch this digital buzz, it can’t go far. That’s why the tougher step is to be a change agent. Encourage, cajole or demand – your vendors and others in eco-system to adopt it too.

Coach and teach, wherever needed. Your maid, driver/car-washer, press-wala, dhobi, gardener, local grocer, tea-stall or paanwala outside office, anyone.

If they have a bank account, when you pay by UPI, they get paid instantaneously into their account. If they don’t have an account, help create one first.

Naysayers will smirk at the thought – Poor can’t afford it, Poor don’t understand it. Poor can’t use it.

Poor may be unaware. But, poor are NOT stupid.  OLA/Uber drivers learnt using Google navigation much before many around you. If your maid can use Whatsapp, she sure can learn this as well. Educate.

And smartphones aren’t a mandatory requirement, though most urban poor around you have one already. (Read here –how to transfer money without a smartphone)

Options are many. Its important to engage. Mass engage. Each one teach one… Adoption can be rapid.

And if you are an optimistic – you can believe in this change. Its not impossible. See this story of Akodara village in Gujarat. They accomplished it in just three months.

Toughest – Live the change!

None of us can adopt a ‘holier than thou’ stand. We have all enabled creation of black money in our past, often unwillingly. And sometimes, consciously acting naive, just for a convenience or a saving.

A bribe at the traffic signal, a purchase made without a proper receipt to save on taxes, cash payment to some vendors to avoid VAT/ST, under-valued property registrations… We have been a cog in the wheel quite often.

Making a pledge to yourself.

No bribe.
No cash payments to avoid tax.
No ‘kaccha receipt purchases’.
No off-record deals.
No under-valuation.
No chalta hai!

Easier said than done… the toughest battle to wage.

The bottom line is – it is our turn now.

Stop cribbing, complaining and expecting that some alien Jokepal or a new law will bring the revolution. We are the revolution. Take that first step. Now!

“Koi bhi desh perfect nahi hota. Iss’e perfect banana padta hai”

And if we don’t wage this battle now, black money hoards will be back before much you can say ‘demonetisation’ again.

My 2 anna worth…
(yes,… I know! anna’s got demonetised long ago. They just work in this “me too got an opinion” economy)

– A Soul In Exile

PS: *Sigh* Spent several hours writing this last night. Left it pending for a final review before submission. And just now, I read text of PM’s “Mann’ ki Baat”. He made this article redundant with just one speech of his.
Grrrrrr…… Modi is anti-blogger. Modi must resign 🙂

Manmohan Singh – The accidental reformist and accidental Prime Minister

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Manmohan Singh was an accidental reformer. Make no mistake about it. Here is what happened in 1991.

Manmohan was very much in support of government control of business (pre 1991) era under Indira. He called PSUs “rock solid” foundation for Indian economy. Rajiv Gandhi spent stupendous amounts in public disbursements to ensure electoral victory, but he didn’t get majority and supported coalition govt of Chandrashekhar in 1990.

We had already imbibed the “import substitution strategy” from the start of our independence. Anything needed was imported without due thought given to the effect it will have on economy. No serious thought was made to develop indigenous products or skill development. Maybe a wild allegation, but for every import, Gandhis were rumoured to have received kickbacks. That was their main business! License Raj came from that mentality.

We were already a fiscally stressed economy due to the wonderful vision of Congress and their shitty economic policies which Manmohan didn’t seem to mind that much at that time.

Rajiv Gandhi pulled out of Chandrashekhar’s govt as he thought he can win the elections this time. But he was killed by the LTTE before he could fulfill his dream. Chandrashekhar’s finance minister Yashwant Sinha and commerce minister Swamy had prepared a blueprint of bailing out the economy before Rajiv Gandhi pulled out. Swamy was a vocal supporter of liberalization since 70s and found support in Sinha. Sadly, they lost majority support.

We had forex reserves of $3.1 billion in august 1990 and we were left with $975 million in july 1991. That is nearly 2/3 reduction in a year. 67% was eroded in an year! We faced balance of payments problem which means, we couldn’t pay our bills. Fiscal deficit and current account deficit was ridiculously high (10.4% and 3.1% in 1991; 3.9% and 0.1% currently). Our gold was already mortgaged for forex reserves. The skyrocket in prices of oil due to gulf crises brought India on its knees.

We already were suffering due to deterioration in exports to eastern Europe and due to USSR breakup. Remittances and tourism earnings dropped due to geo-political scenario. The rupee was also badly over-evaluated. The minimal FDI we had pulled out due to instability. The exporters were not converting their dollars to rupees as they thought that Indian govt will devalue currency and that way they will get more money. There was no inflow of money and huge external debt in economy! We had money to pay for only 3 weeks of imports and commodities.

The only way out was to get credit from IMF who had their own conditions. They wanted Indian economy to be liberal, privatized (disinvestment) and globalized. Manmohan simply agreed as he knew we are doomed without IMF and will default in three weeks. And so, we opened the economy 🙂 (with tremendous support of PV Narsimha Rao whom congress has forgotten)

The “accidental reformist” went on to become the “accidental prime minister” after 13 years. He led the most brazenly corrupt govt for 10 years and is lucky to still have followers and people who believe in him.

I sincerely hope, history does not treat you kindly unlike your wish to be treated kindly. You had all the brains but no guts to act for this country.

Demonetization – Government is getting away with poor implementation in the absence of credible opposition

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On November 8th, 2016 at 8.15 PM when United states was getting ready to elect its new president, India was also making history by transforming our society from cash only society to less-cash society. Even though the underlying cause of demonetization is noble and we desperately needed such move and could have only been expected from PM Modi, the implementation could have been better.

Let me say at the outset that I totally support this move by PM Modi and I hope government will take more such steps in future to make sure the menace of black money and corruption is routed out from our society. There have been numerous articles written by liberals, economists and intellectuals on both sides to explain pros and cons of demonetization, one thing everyone agrees including Nitish Kumar is, its poor implementation.

While we know, the left liberals are used to opposing any good decision this government takes, the questions raised by opposition and others are not entirely wrong. Even though the country is supporting this bold move, the problems they are facing can’t be ignored in the name of only cry by black money hoarders. There are genuine people out there who are raising valid questions and by the way don’t have any black money but their voice is not heard due to the misplaced noise created by opposition. I am a common man and have few questions to be asked of this government;

  1. Why the RBI dint stop circulation of 500 and 1000 rupees notes couple of months before announcing demonetization? They could have just stopped issuing new notes without announcing it.
  2. Why couldn’t new 2000 and 500 rupees notes released in the market couple of months earlier?
  3. Why all the ATM machines couldn’t be re-calibrated and made functional before announcing this move?
  4. How stopping circulation of old notes and launching new notes would have spooked the black money hoarders?

I have been reading articles available online and looking for answers for above questions but not able to find any satisfactory answer. It has been more than 2 weeks since demonetization is announced and queues at ATMs are still very long. Half of the ATMs are closed since 8th of November. There are plenty of ATMs around but less than half are operational leading to long queues.

I am also unable to understand when people are ready to wait outside an ATM for more than an hour just to withdraw 2500/- rupees, why can’t they spend the same amount of time in bank and withdraw 24000/- rupees which will be enough to cover their monthly expanses. Is it an issue with awareness, probably banks should answer?

The country supports our PM as they have full faith in him but people’s trust shouldn’t be tested like this. The only reason current government is able to get away with such poor implementation is absence of credible opposition. PM Modi should thank his luck this time and make sure such inconvenience is not repeated again in future. We need him to lead this country for 8 more years and he should be aware that such adventures can heavily misfire. People will forget the inconvenience in due course of time but if the results of demonetization are not visible then government will have a reason to worry.