The demonetization move by the Modi-led government has practically rattled the country, forcing people to throng the ATMs in order to withdraw money so they could manage their daily expenses.
In most cases, people have left been disappointed as the banks have run out of cash.
The collective anger, frustrations and scathing criticisms have left the government and the RBI red-faced. The social media platforms are abuzz with the noise coming from every citizen affected with cash crunch.
Mahesh Murthy, Managing Partner at Seedfund, and one of the most well-known personalities on social media, recently wrote a Facebook post against Demonetization in which he made some valid arguments. Here are the points he made.
1. So what is #Demonetisation really all about? We were told it’s to stop terror attacks. But now the attacks have increased.
2. Then we were told it will cut supply of Indian notes across the border. But terrorists had new notes before most of us did 🙂
3. Then we were told it’s actually about wiping out #BlackMoney. But even Banks’ own estimates say that very little has come in.
4. Then we were told it’s to take #BlackMoney out of politics. But then the 1st person caught with unaccounted new cash in new notes was… a Bharatiya Janata Party (BJP) guy.
5. Further when a blogger said the car of MP’s Chief Minister, another Bharatiya Janata Party (BJP) man, was stopped with 30 crores cash, he was arrested.
6. We’re told #Demonetisation is to hurt the criminals and not the common man. But no black money evaders have died – while 70 common folks have, waiting in line.
7. We’re told we must tolerate all this for patriotic reasons. But govt made sure political parties are above law & can have unaccounted cash. BJP itself declared 505 cr black money income in 2016
8. We’re told the operation is meticulously planned. But the RBI announces a new rule and regulation every day, each more confusing than the other.
9. We’re told the planning started long ago. But the Rs. 2000 notes are not even in one size, and their colour washes off.
10. We’re told the RBI is on top of it. But then no one seemed to know that each ATM across India has to be recalibrated to accept new notes.
11. In Sep, a #BlackMoney sweep picked up 65,000 cr at a 45% penalty with no pain to common man. This time all this pain is for a 50% penalty
13. So what is #Demonetisation really all about? We are told, wait and see how India will become great. Then only we’ll realise.
14. Can we accept that nothing was planned or executed well? Rather than owning up to faults, pride of govt & PM doesn’t acknowledge failure.
15. So we have an unplanned, badly executed, lethal & perhaps ineffective country-wide program. And we have to wait with faith because, you know, #AccheDin
So what is #Demonetisation really all about? We were told it’s to stop terror attacks.
But now the attacks have increased. 1/14
— Mahesh Murthy (@maheshmurthy) December 1, 2016