With Dollar at 14-Yr high, Sensex crashes over 500 points, rupee tumbles

Indians comfortable with Modi’s decision

Harbans S Nagokay

Jammu Tawi, November 15

When Opposition Parties Delivering, ‘Note-Ban’ as one of India’s biggest-ever economic upsets, as the bulk of Indian currency notes no longer held any value and told anyone holding those bills to take them to banks. Still, majority of patriotic from Jammu alongside mainstream of Indian populace, are with Government’s verdict.

Everyone knows; that about 80 percent of India’s financial transactions are conducted in cash, often to evade taxes. While some of that activity is illegal, hundreds of millions of rural poor, scrappy entrepreneurs and small-time traders also keep their savings in cash, sometimes just because there is no bank branch nearby. And these days, when border people might have been carrying some heavy currency notes, before leaving their houses due to border tensions are other way the worst suffer among paddy growers and farmers, those are near starvations due to low flow of currency, these days.

Still, along with public, India’s industry leaders, bankers and market analysts rallied behind Modi’s move, viewing it as a much-needed corrective in a cash-reliant culture that has facilitated corruption. In the short term, economic activity is slowing until enough new notes worth 500 and 2,000 rupees are printed and put into circulation, analysts said.

“There is a huge shortage. We don’t have any small denomination bills. My pockets are empty and so is my home,” said one, Dr. Gaurav, a 36-year-old private practitioner who told that he is still happy and with Government decision and well satisfied after exchanging some bills at the bank. On other side, market in general is not accepting now old currency notes banned by PM Modi as if you go to buy milk, the milkman is not accepting money. At petrol pumps, they are not fuelling for less than 500 rupees etc. etc.

Within all such urgencies, a section of society is still trying hard to hide-and-fur with their black money and other section is in search of some offerings else gifts there-from.

But, by all said-and-done, angry mob over not getting ration from a fair price shop due to shortage of cash after the Centre’s demonetisation move, people at Bardaha village here allegedly looted groceries from the outlet in protest. Then, Long queues outside banks and ATMs greeted people for the 6thconsecutive day on Monday following the Centre’s move to demonetize Rs 500 and Rs 1,000 notes. People were either seen lined up at the banks and outside the few ATMs dispensing money. But, there was no let up in the rush for exchanging demonetised notes and withdrawing money with many people spending their entire day queueing up outside banks and ATMs since early morning hours, till late dark hours, even as some of the outlets were shut after being short on cash.Impatience, disappointment and anger also seen prevailed as people continued to face hardship in exchanging demonetised currency notes and withdrawing money and struggled to procure essentials to meet their daily needs. And, at some places little heated arguments were also exchanged as cash in the ATMs and banks- and patience among public- ran dry as the day drew to an end.

At the end, seeking to corner the government in Parliament on the demonetisation issue, major opposition parties, along with Congress party and including arch rivals the Trinomial Congress and the Communist Party of India-Marxist, on Monday held deliberations to finalise a common strategy alleging that the decision was a “scripted scam” which was leaked to the ruling Bharatiya Janata Party much in advance.

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