The whole country is standing by Narendra Modi’s decision to demonetize existing high value notes. Common man stands in queue outside banks for hours to withdraw cash. Retired people also have to stand in queues to withdraw cash from their received pension. This is an everyday sight for me when I drive from home to office. I feel really bad looking at this, especially when only the middle class and poor stand, and the rich just pass by these banks. I asked myself, is demonetization only for the poor and middle class ?
Once a week someone or the other is caught with lakhs of new currency. Modi government has put strict cash withdrawal limits and introduced new rules of cash deposits to limit creation of black money. But they failed shows the below people who have new currency in lakhs and crores.
- Sand mine DON Shekar Reddy exchanged Rs 20-30 Crores of old currency from Adhra and Telangana Banks
- The crime branch seizes Rs 1.04 crore cash from Mumbai businessmen Gaurav Picha, Harish Raut and Chintan Rambhiya.
- TV Actor Rahul Chelani was caught with Rs 43 lakhs of new currency cash. He was in a Innovation that has “Anti-corruption” written on the number plate.
- Shiv Sena corporator Dhananjay Gawde was caught carrying Rs 47 lakhs cash of new notes in his car.
- K Micheal, a senior special assistant with the RBI, was caught helping convert more than Rs. 1.50 crore.
- Parasmal Lodha was caught exchanging Rs 25 cr old currency into new
We went ahead and asked ex-banker (cannot reveal identity) who held a leadership position in a nationalized bank. This banker said that if people are having such bulk amount of currency then RBI needs to be investigated. Only RBI can give bulk of new currency cash.
PM Modi’s demonetization is a great way to get black money to surface, but not everyone believes in this movement. There could have been a better way to execute this movement, without the middle class and the poor suffering. Read more Indian Business News.