Make a Huge Success of Demonetization

It is upto India's Middle class to make demonetization a success, writes S Balakrishnan

It is upto India's Middle class to make demonetization a success, writes S Balakrishnan
It is upto India's Middle class to make demonetization a success, writes S Balakrishnan
Friends, It’s over a fortnight since demonetization (actually Namonetization sounds more positive) was announced by PM Modi. The most significant aspect of its implementation has been that there has been no major law and order problem anywhere in the country. Yes, millions depending on cash to meet their daily needs are being inconvenienced. But, they are not taking to the streets because they know that the decision will do the nation good in the long run. They perceive this as a battle between the forces of good and evil a la the Ramayana and the Mahabharata. Politicians who are protesting are the ones worst hit because their hordes of illegal cash running into thousands of crores have turned into pure raddi (dirt) overnight. The ones who are calling for a rollback, like Momta-didi or Kejdi the s(h)cooter, well know that it will result in anarchy and create massive political instability. This is exactly what the Pakistani Army, which is feeling the heat everyday at the Line of Control, also wants.

The task of replacing Rs.500 and Rs.1000 notes with new ones is a Herculean one considering the fact that they formed 80% of the currency on 9/11. The banks, most of whose employees are doing a commendable job, have so far replaced about 20% of the currency. In another month the remaining job has to be completed. An extension of the deadline may be on the cards. Nevertheless, the task remains humongous.

That is why in his latest Mann ki Baat Modi has appealed to all of us, especially the tech-savvy youth, to help the country migrate to a cashless economy. He has specifically recommended the use of RuPay, which has been promoted by the Reserve Bank of India. Don’t go in for PayTM because the majority stake in it is in Chinese hands and it will have access to all your personal data, including Whatsapp chats!!

RuPay is also our answer to Mastercard and Visa card. Let us help our neighbourhood grocer and at least ten persons obtain RuPay facility. Let us be part of the revolution initiated by Modi. Let us modify India for good. Demonetization HAS to succeed. We owe it to ourselves and our children. There is simply no other alternative. The 300 million-strong middle class has a crucial role to play. Our time started on 9/11.

Note:
1. The conversion rate used in this article is 1 USD = 66.16 Rupees.
2. Text in Blue points to additional data on the topic.
3. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.

S Balakrishnan

S Balakrishnan

Advocate and Senior Journalist who was formerly City Editor & Chief of Bureau of The Times of India, Mumbai. He has also served in the MumbaiMunicipal Council.
S Balakrishnan

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2 COMMENTS

  1. Modi should mobilize the middle class to support actively
    Go teach all the people to become digital
    Support nation by active social service. They should become Modi’s moral army

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