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500-rupee-notes

The currency shortage in the country following the demonetisation of 500 and 100 rupee notes on 8 November has become so bad, there is real danger today of all law and order breaking down very soon. The patience of the Indian public is running out, after three weeks of standing in queues and denied their own cash for making basic payments and meet expenses.

As the Indian Supreme Court rightly warned, there could be riots in the country bringing to a halt whatever little economic activity or distribution of cash through the banking system that is currently underway. It will be an unmitigated disaster for the people of India and the spiral of no cash, no livelihood, chaos on the streets and collapse of institutions will be catastrophic.

Before that happens the people of India should come out and demand that the demonetisation of the old Rs 500 note be rolled back immediately so that cash transactions can get back to some normalcy and people can earn, spend and eat food.Daily wage workers and rural populations have been reduced to starvation in this period due to loss of income and livelihood. Migrant workers from all the big cities around the country are returning to their villages as they are not able to survive in the city. Farmers cannot sell their harvested crops or plant seeds for the new season. Millions of workers are being laid off around the country in every economic sector.

So far only 15% of the old currency taken out of circulation has been replaced by new currency and that too largely in 2000 rupee notes that is of little use for daily transaction.There is nothing to indicate the situation of availability of new currency to replace the demonetised notes is going to improve over the next few months, which means literally years for people desperately seeking money to stay above the rising tide of the financial tsunami that has hit the nation.

This is not the time for Prime Minister Narendra Modi and the BJP to stick to their oversized egos as there are much larger national interests at stake now – including the survival of millions of citizens. If they continue with this madness in a few days time there will be mayhem all over the country.The people of India will not spare anyone associated with the fooling and dubious decision to demonetise 86% of the currency in the Indian economy without adequate planning or preparation of adequate new currency.

IT IS TIME FOR EVERYONE TO GO OUT ON THE STREETS AND DEMAND THE RESTORATION OF THE RS.500 NOTES NOW!
SAVE INDIA FROM DISASTER DUE TO DEMONETISATION!

Satya Sagar is a journalist and public health worker who can be reached sagarnama@gmail.com

One Comment

  1. K SHESHU BABU says:

    Restoration means accepting the abject failure of the government. It may not bring back the old notes as that would severely dent it’s credibility. At least, it can immediately instruct RBI to introduce one hundred notes adequately. There has been talk of ‘ new’ five hundred rupee note. But, it is not yet seen. The chaos continues hitting the poor ..

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