Demonetisation & what next?

Free Thinker *

People came to deposit Rs 500 and Rs 10000 notes on November 10 2016 :: Pix - Shankar Khangembam

The thrill of monetary equality dies when you suddenly realize that there are mountains of hidden bullions and unaccounted assets (immovable properties etc). According to a data published by CREDIT SUISSE GROUP AG based in Zurich indicates that 1% of the population is holding 58.4% of the total wealth of the country (mostly in black).

I have no grudge against the rich people but I am for a more equitable distribution of wealth among the people. The main contention is about controlling human greed and frivolous competition for inclusion in the Forbes’ list.

No one can question the objective of demonetization as it is for fighting black money (notes only), curbing corruption (cash part), flushing out the counterfeit currencies (till new ones are printed and imported by the enemy States), and moving a step forward towards a cashless economy (plastic money) for more transparency and accountability.

Honestly speaking, poor people (80%) are happy because the rich and relatively wealthy people are running here and there due to their excessive accumulation of currency notes. They are happier when their affluent relatives and neighbours request them for their help in the conversion.

Let us give the benefit of doubt as the intention is clear. But what about the assets and properties which are kept in the name of their pets (cats and dogs), drivers and helpers; and what about the unaccounted diamonds and bullions besides the stashed money?

It is high time to support the cleaning of the system and empowering the masses. We must endorse any move against the accumulation of wealth. And distribution of wealth among the masses must be encouraged at any cost. Now the bank accounts of the poor people are filled with money deposits.

Lacs of bank accounts of poor and BPL families carry a few lacs of rupees each. My humble submission to the government is to ignore these deposits up to one/ two lacs (excess amount is to be frozen without harassing the account holder). But we must strictly ensure that the money deposited are used by these poor account holders.

I am talking about all the accounts held by the poor and BPL people including the Jan Dhan accounts. These poor account holders must be instructed not to give back the money to those unscrupulous elements.

Local clubs, tribal bodies, caste panchayats, khap panchayats, Sangh workers, Meira paibis etc must protect these poor account holders along with their windfalls.

One journalist from a renowned Daily told me that they are really fed up of this demonetization news; because everybody is talking and writing about it in the last 16/17 days. In fact, the entire nation is now busy dealing with money.

From politician to pan-wale, from CM to chaprassies, from Secretaries to smugglers, from thieves to thanedars, from bankers to bandits, all are working hard to find a way out; some are for conversion and some are for commission, all work in tandem.

However, we don’t know whether Ambanis, Adanis, Patanjalis etc are affected or not. One middleman says, “as they transact electronically and through cheques they are not affected”. The small and medium scale business people are affected. The medium and small time businessmen all over the country normally deal in cash.

It is quite normal that they have few lacs in hand for day-to-day transactions. 40/50 lacs in cash in hand for medium scale businessmen is quite normal. Again, for small timers 5/10 lacs in cash is considered usual. If these people say they are in favour of the decision, then there is nothing to worry, because the majority of the people are already on board.

If we want to hold elections without the ill influence of black money this is the right time. Just hold the election in Manipur, UP, Punjab, Goa and Uttarakhand (where elections are due). When many are running from pillar to post for conversion (black to white), it is the right time to hold elections and defeat the nuisance of black money in electoral politics.

In the absence of black money elections will be cleaner. And hopefully some honest people may like to join the poll fray because their fear of money power is drastically reduced. This is good news for our democracy. Before the next accumulation takes place let us hold the elections.

One Swamy says that the income tax must be completely abolished. I completely agree with the idea provided GST is fully implemented throughout the country. Income tax is funny because some are paying and some are not and many are evading. Whereas under the GST dispensation everyone shall pay.

Ours is still an evolving democracy; as of now it is rather a mixture of plutocracy (rule of the rich) and mobocracy (rule of the mobs). We are moderating the undesirable influence of wealth (black) on our body-politic but how are we going to dilute the obnoxious influence of the mobsters?