The 'Demon'ization of Demonetization - The Indian Currency goes for a toss


So the one new word that we all have learned in 2016 is definitely "Demonetization". To be very frank I had no idea what it meant when it was first flashed across news channels as the 'Breaking News'. Soon the entire media was going gaga over the fact that Rs.500 & Rs.1000 notes were discontinued from circulation and only a few selected outlets were now to accept them as legal currency. Well like expected, it created havoc and not just havoc but a financial crisis for many especially those who were travelling as the decision came in at 8 pm which is when people usually end their work days or are returning home or are just waiting to have their dinners watching crap on TV. Now almost 20 days post the decision was announced by our passionate PM Modi, ATM ques have reduced by at least 5% if not more and the exchanges of currency has stopped at most of the banks.

The one thing that is peeping its head from this whole demonetization hoopla is the cat named black money. And strangely the section of the society which is sandwiched between the rich and the poor i.e the middle class is the most horrified and scared of their hard earned savings coming under the tax radar for no mistake of their own. By now we have heard stories of people dumping their stashes of old notes in gutters and also burning them, but the middle class man who had saved pennies for future has been hit the most. Not that the decision is wrong, no it is not; in fact the decision is neutral right now. All the pain and the hardships that the law abiding and the tax paying citizens have had to bear with a pinch of salt will be worth it only if the law makers and the government secures their future.

The whole aspect of black money got me thinking and how. Like why do people evade taxes? Why do people decide to not show their income to the government and sleep peacefully at night ? Well one reason I could think of is the fact that the taxpayers themselves are disappointed. Every year, year after year promises are made and broken but they have no other option but to follow the rules and keep their sanity intact. The income contrast is getting darker day by day, basically there is no encouragement for people to be loyal and true because the ones who are , are suffering as much as the ones who are not. I am not justifying the concept of black money but apart from the few who are janamse greedy there is a certain insecurity which makes people hide their money, be it Rs.100 or Rs.1000 or Rs.100 crores. 

People save for their old age, for the unforeseen future which they have no control over; isn't it? In a taxation based society if I had to explain in simplest terms, people look up to the tax collectors to give them security and safety in return of the taxes paid, fair enough right?

Are we secure? is our future secure? Are the old and the fragile in our country secured and free to depend on the law makers for taking care of them because they have been paying taxes forever and have never evaded a penny? Is infrastructure and rural development growing at the same pace as the taxes are? I am no economist but some points to ponder upon for sure. Thus though the demonetization step is welcomed, the rulers should also think about the future safety and comfort, social security and health benefits for all and not just for one section of the society as we all are law abiding tax paying citizens and we all deserve to be taken care of. I just hope all of this is taken care of so that the mindset changes and then we won't have to change the notes every now and then.

Adios, got to rush to the ATM for cash ! 

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