India’s Demonetisation has become road to nowhere

currency ban

New Delhi, December 17: Everyday government comes with a new slogan to fly high the demonetisation flag amongst the 130 crore Indians while the truth prevails all.

Prime Minster Modi did not utter a single sentence in the parliament while the entire nation wanted him to speak out and comfort them with a blueprint to remonetise the country.

People wanted to know how things will unfold as for the last 7 weeks India has become a great example of infrastructural failure post noteban.

Amid ATM and Bank queues, India has learnt to survive without cash. Industries have been locked, weddings have been cancelled, Tax sleuths are on, rich are parking cash while the less fortunate is perishing as more than 120 deaths have been reported since demonetisation.

The Modi government have changed its rhetoric vigorously since November 8. The agenda for noteban changed several times in the past 50 days. The top 5 were:

  1. Demonetisation is a fight against black money.
  2. It will curb terror funding by ceasing counterfeit currency.
  3. Demonetisation is targeted to make Cashless India.
  4. Cashless coexist with Cash. Indian will be less cash economy.
  5. Noteban is a fight against corruption and ITD has started tightening the noose around corrupt officials.

Taking on to the latest one, where the government has hasten the raids and cash seizures and announced at the same time another amnesty scheme to disclose unaccounted cash in the name of garib kalian yojna, the fight against the corruption via digital India seems to lose ground.

Although Digital India path is already precarious as India fails the systems and infrastructure to support the digital payment access to 130 crore of population, the claim itself is quite a vague one.

Had digital transactions were potent enough to curb the corruption and black money, African economies like Kenya, Tanzania and Zimbabwe would have been the most transparent economies in the world.

About 75% of the adult population in Kenya uses mobile phones for making payments and money transfer and it is one of the most corrupt countries. According to International Monetary Fund (IMF) value of mobile money transactions and transfers per day in Kenya is equal to 4.5% of annualised GDP of Kenya and something that our government is targeting. At the same time, Kenya is listed as one of the world’s most corrupted countries in Transparency International’s 2015 Corruption Perception Index. It ranked at 139 out of 168 countries.

Next one should look at the practical differences between India and Kenya. Kenya is home to only 44 million people while India’s population is massive at 1.21 billion.

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Talking about cyber security and misplace system, it is enough to know that the seat of chairman for the Ministry of Communication and Information and Technology’s Cyber Appellate Tribunal (CyAT) is vacant since July 2011 and there has been no proceeding in the cyber related crimes in the tribunal from past 5 years. Plus, there are no specific laws to save your money once being lost while paying the digital way.

With such discrepancies, how does the government expect the nation to go on the ferry ride of Digital India? Plus the latest window of PMGKY to park the undisclosed income raises the valid issues regarding the legal plunder and tax terrorism run by the Modi government.

Wefornews Bureau

#demonetization #noteban #newcurrency #DigitalIndia #Mobilepayment

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