82% Indians Support Demonetization of Currency Notes. Great Plan but Bad Implementation?

8th November 2016 will go down in Indian history as a significant night when the Narendra Modi government decided to scrap Rs.1000 & Rs.500 notes as a step towards cleaning up the black money menace. It’s been almost a week, and the queues in banks to exchange notes and withdraw money are only getting longer. There have also been reports of deaths of people waiting in line for changing their old notes. Opposition including Congress and AAP has been crying for reversal of the order saying it is against common man (we know those cries not for the common man, but for their own sake).

Inshorts IPSOS conducted a nation-wide poll to determine the countries sentiment on demonetization and surprisingly 82% of people supported the government’s decision, 10% were unsupportive and 8% replied with “can’t say”.

Given the fact that this bold step has severely hurt hawala and terrorist organizations, we think it really was a good move for the country’s future. The plan was good, but the implementation leaves a lot to be desired. India being a “cash” driven economy is unable to cope with this massive change and the government should have taken more steps to ensure that people are able to exchange their currency and ATMs are able to dispense required cash. Right now, it’s all chaos, people waiting in lines for hours, most ATMs not functioning and this situation is bound to continue at least for a week.

What do you think about the whole demonetization drive? Let us know in the comments section!

3 Comments

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  1. What will it benefit to common man. Govt tresuries are increasing due to non tax payers have started deposited their dues. Will govt give benefits to people who had properly paid taxes.will taxes get lowered due to such long taxes & black money has beem collected
    Common man is only happy because the rich people are also suffering

    • True.. I am happy with this move overall.. However I will wait until budget to show my ecstasy.. If the budget reduces taxes, improves infrastructure, reduce lending rates and makes business easier – I would be flushed with happiness.

      But if the budget does not reflect anything and only fills the government coffers – I would be disappointed. Let;s hope for the best now.

  2. Great move, master stroke by our PM. But I still feel they should have first brought in only lower denomination currency like 5, 10,20 ,50 and 100. It was indeed chaotic in the first few days when people had RS 2000 notes and no one was willing to give them the change. And not to mention the serpentine queues outside the banks. I had about RS 7000 with me in the form of 1000 denomination and depositing them in the bank drove me crazy and withdrawing them back was even crazier because I didn’t have the working hours to stand in the queue to exchange it. Thankfully a few tens and the good old hundred rupees notes I kept aside in the God box of our house saved me ….hence I say extremely good plan which was badly implemented. However , big salute to our bankers who are working relentlessly ….thank you bankers.

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