Showing posts with label Report. Show all posts
Showing posts with label Report. Show all posts

Dec 17, 2016

#DeMonetisation, boon or bane?, India's media, political class clueless

DeMonetisation continues to be in the news all across India. People loosing control at banks reported at BulandShahar in UP and Rourkee.

With Govt incentivising people for using digital mode, change is yet to be seen on the streets.

Political parties are not outrightly opposing the Govt.'s move sensing the people's mood against corruption in the nation. But voicing concerns the way currency has been withdrawn.

The real fact is, no one knows what will be the outcome of the overall process of De Monetisation.

Even the main opposition party Congress has refrained from opposing the Govt's move out rightly in fact is protesting the way it is being implemented.

Given the amount or reports coming from every corner of the nation about how the black money has been converted, people of the nation have their fingers crossed.

Govt is daily monitoring the situation very closely and taking every step it needs to ease the situation.

With pressure mounting on the Govt from cashless or money less people, Govt machinery is working to see things fall into place as quickly as possible. 

Earlier when PM Modi asked for 50 days that is till 30 December, people were tightlipped.

But now Govt slowly accepting the fact that lot of fraud by banks and officials at India's premier bank RBI has left Govt in tight situation, Govt now says by January 2017 situation will be eased.

It is a fact that India's black money holders so to say who had cash unaccounted were able to convert the currency with connivance of banks, hospitals, jewellers, currency exchange agents and real estate players.

Given the fact that wide scale fraud happening, Govt's machinery is stretched to limits in detecting fraud.

India is unprepared to streamline millions of poor people who don't have bank accounts to adopt digital banking. Govt is trying to include all the groups so that they are e banking enabled as soon as possible.

Given the atmosphere in the nation media outlets are just reporting raids and new currency hauls made by IT department. No one has any clue where the country is heading.

Whether the Govt's move will help the nation or not, all the political parties are playing it safe in rejecting the Govt's move outrightly. 

In this mood of uncertainty only time will tell whether DeMonetisation has helped India's most needy people or just ended up filling the coffers of everyone else like all the time.