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Five years of demonetisation: A quick look at how it affected the economy

Despite the government’s attempts to encourage payment digitization and discourage cash transactions, cash transactions in the country continue to rise gradually.

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Five years of demonetisation

By: Kritika Bobal

It was a normal day for everyone until 8:15 p.m. when Prime Minister Narendra Modi jolted the country by stripping a monetary unit of its legal tender status. PM Modi stated that Rs 500 and Rs 1,000 notes—86 percent of all currency notes in circulation in terms of value—would be pulled from the circulation and will no longer be accepted as legal tender after 12 a.m.

In compensation for the demonetised banknotes, it also announced the issuance of new 500 and 2,000 currency notes. This sudden announcement not only tremored the souls of the poor but also affected the middle-class people, mainly the businessmen.

The country’s unorganized sector, which includes small-scale companies and micro home units, collapsed overnight. Millions of such units that relied on real currency watched their banknotes degrade into mere scraps of paper overnight. To compensate for the loss incurred during the fiscal term, the organized sector was forced to lay off workers.

The objective of demonetisation was to eradicate black money, reduce the use of fake notes, increasing digitization, and ease the transition of India’s non-formal sector into a formal sector. However, the idea backfired substantially in the days that followed, as persistent cash shortages disrupted people’s daily lives.

Five years of demonetization: A quick look at how it affected the economy

People who wanted to exchange their money had to wait in long queues, and numerous people died around the nation. The crisis continued, and individuals in misery waited for hours in front of banks, even after December 30, 2016, the final day the RBI allowed residents to deposit their old notes.

Despite fears of an economic disaster hovering over the country in recent years, the economy has managed to leapfrog in recent years, five years after the government declared demonetisation. Despite the government’s attempts to encourage payment digitization and discourage cash transactions, cash transactions in the country continue to rise gradually. Similarly, the country’s cash-to-GDP ratio fell from 12 percent as a result of demonetization but recovered in later years.

Read Also: Punjab CM: Petrol price cut by Rs 10, diesel by Rs 5

According to National Crime Records Bureau statistics, the number of reported instances for making Fake Indian Currency Notes increased 190.5 percent from 2019 to 2020, an 11.7 percent increase. Similarly, there was an 11.7 percent rise in occurrences of counterfeit cash notes in 2019 compared to 2018.

In Tamil Nadu, a 65-year-old visually impaired man has filed a petition with the Krishnagiri district collector’s office, requesting to exchange his old demonetized notes of Rs 500 and Rs 1,000, amounting to Rs. 65,000 in total. He stated that the money was his life savings, which he earned via begging.

Delhi news

Watch: Parents request BJP MP Ramesh Bidhuri to resolve local school issues, Bidhuri replies why they birthed their kids | Watch

One parent, in the video, stated that the during the time of elections these BJP leaders implore and ask for votes from us, and do not ask such questions because our votes hold value.

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Delhi BJP MP Ramesh Bidhuri’s video has emerged on the internet where the BJP MP, in response to the problems in a local school, can be seen asking the parents why have they birthed their children. The parents after hearing his remarks can be seen to be infuriated.

In the video, the BJP MP can be heard asking why did the parents birth their kids, the parents while talking to the press were enraged at the uncouth way the BJP leader dealt with the situation. One parent, in the video, stated that the during the time of elections these BJP leaders implore and ask for votes from us, and do not ask such questions because our votes hold value.

Another parent remarked that now we have to ask permission from these leaders before birthing and raising a child, whereas another parent urged and promised the MP to start the school and resolve all the issues in the school, promising, if he can resolve all the issues, the member of the parents association will garland and praise the BJP MP for his task.

Twitter users, while being enraged by the statement made by Bidhuri, trenchantly remarked on the incident as one user came forward and wrote and highlighted the type of people the BJP gives tickets to run in the elections.

Whereas, another Twitter user remarked that this is the representative of the people and instead of finding solutions to the problem, the MP himself has problems with people’s issues. The user further proclaimed that despite this, the people will still vote for him, suggesting the hero-worship culture of voting which is followed by some factions of the country.

Another incident of a similar nature transpired in Bihar where a girl asked IAS Harjyot Kaur, Bihar Women Development Corporation’s Managing Director for the sanitary pads to be made available for free. To this request, IAS Harjyot Kaur, asked if there is an end to the demands made by the public and further asked that right now you are asking for sanitary pads and tomorrow you will ask for condoms.

The statement by the official enraged Twitter as many people came to check the official’s remark and asked if India is a welfare state, then why are people’s demands being dismissed and becoming a taboo topic for her.

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India News

Jamia Millia Islamia student shot at inside Holy Family Hospital, shifted to AIIMS Trauma Centre

Nauman Ali, the student who was shot at, has a superficial injury on the scalp and has been shifted to the AIIMS Trauma Centre.

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Jamia Millia Islamia

Another Jamia Millia Islamia incident has taken over the headlines. Reportedly, a student was shot at and injured by another Jamia student on Thursday inside the Holy Family Hospital in southeast Delhi’s Jamia Nagar area.

The incident took place around 8.50 pm on Thursday, when police received information regarding a quarrel at Jamia Millia Islamia University library. After rushing at the spot, the officials came to know that a fight had ensued between two groups of students.

A 26 year old student names, Noman Chaudhary had sustained a blunt injury on his head and was later taken to the Holy Family Hospital for treatment by another Jamia student, Nauman Ali, an associate of Nauman Chaudhary, The officer further told media that the student is a resident of Meerut district in Uttar Pradesh.

Read Also: Congress party files complaint against Filmmaker Ashoke Pandit, allegations of spreading fake news and creating enmity between groups

Meanwhile, one student of the second group, Zalal, a resident of Mewat in Haryana, accompanied by his friends came to the hospital and fired at Nauman Ali outside the emergency ward.

Police officials told media that Nauman Ali, the person who was shot at, has a superficial injury on the scalp, hence, he has been shifted to the AIIMS Trauma Centre. The Delhi Police’s crime team is still inspecting the scene of crime and Legal action has been initiated accordingly at Jamia Nagar and New Friends Colony police stations.

Few days back during the crackdown against PFI in Delhi, the police had warned the Jamia Millia University students against holding any protests inside and outside the university campus. For the unversed, the Jamia Millia University and Shaheen Bagh were centers of anti-CAA protests in Delhi in December 2019.

In order to keep the law and order situation in check, the Delhi Police had also imposed Section 144 in Delhi’s Okhla region which includes areas of Shaheen Bagh and Jamia Nagar, where Jamia Millia Islamia University is situated from September 19 till November 11.

Delhi Police also warned the Jamia Millia Islamia students and teachers not to assemble in and around the campus as police have imposed restrictions under section 144 of the CrPC in the entire Okhla area. However, Section 144 of the CrPC prohibits the assembly of four or more people in an area. Violation of the order is punishable under section 188 of the IPC.

Bihar: Shoot-out in Patna leaves 4 dead, 9 injured

Viral: Another Bihar mobile thief hangs from moving train’s window, internet applaud passengers | Watch

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Bihar news

Viral: Another Bihar mobile thief hangs from moving train’s window, internet applaud passengers | Watch

The video has been making rounds on the internet as many users came forward to remark on the scene of the thief getting to deal with instant Karma. One user slyly remarked how this is the new India, where a thief will be caught, as well as will be punished, implying the trend of people taking the law into their own hands.

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Bihar mobile thief

A video from Bihar’s Bhagalpur has gone viral where a thief, who tried to snatch the phone from a moving train’s window was caught by the passengers. The passengers grabbed onto the arms of the thief and kept the thief held to the train’s window for approximately five kilometers. The passengers didn’t just stop there as they thrashed the thief later on as well.

In the video, the thief can be seen being held onto the train’s window as he flails and nearly misses a lot of train pillars and poles. The train can be seen moving at a very high speed which makes the video more horrific. The passenger in the adjacent compartment can be seen making a video of the thief.

The video has been making rounds on the internet as many users came forward to remark on the scene of the thief getting to deal with instant Karma. One user slyly remarked how this is the new India, where a thief will be caught, as well as will be punished, implying the trend of people taking the law into their own hands.

Read Also: Bihar: Shoot-out in Patna leaves 4 dead, 9 injured

Another user added to the conversation by imparting his opinion of how if India needs a crime-free society, the society themselves needs to take the initiative and has to decide whether to fear the criminals or rather instill fear into the brains of the criminals.

A similar incident had taken place in Bihar’s Begusarai where, similarly, a thief tried to snatch the phone of a passenger from a moving train, however, to his surprise, the thief was not able to pull off the bold theft as the passenger managed to save his phone while also grabbing on to his one arm and pulling him along the moving train.

Read Also: Jamia Millia Islamia student shot at inside Holy Family Hospital, shifted to AIIMS Trauma Centre

Another passenger also followed suit and clutched onto the thief’s second arm which led to the passenger holding him along the train window for 10 kilometers. The man in the video can be seen pleading and imploring to be left as he continued to say that his hand will be broken or worse, he could die.

The passengers didn’t stop and continued to make him subjected to the frightful train journey where he was dangling from the train’s window. Subsequently, after reaching the next stop, the thief was handed over to the Railway police.

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