How Demonetization Drove Me Nuts!

B. Judy Franko

When Prime Minister Narendra Modi announced trailblazing demonetisation drive and decided to take the country towards cashless economy, he would have never prognosticated that he would end up demonising many __ especially the middle class households and lower income families who do not have much cash deposits in their homes to manage without cash. While the announcement termed as a "once in a lifetime event" by RBI Governor Urjit Patel caught many black money hoarders off guard, it also rendered many helpless queuing up in front of ATMS for days.

Serpentine queues outside and ATMs and banks have become a norm after Modi announced his biggest fight against tax evasion when he declared on November 8 that Rs 500 and Rs 1,000 notes will no longer be legal tender. However, I thought I will come through what former Prime Minister and Modi’s predecessor Manmohan Singh described as “organised loot and legalised plunder” unscathed. But, lo and behold, I was in for a rude shock.

When Modi made the announcement, fortunately, my wallet was well-supplied with several Rs. 100 notes and a couple of Rs. 500 and a Rs. 1000 note and I was very happy about the fact that I wouldn’t have to stand in long queues in front of dry ATMs dispensing more anguish than cash. I was also able to exchange two Rs. 500 and a Rs. 1000 note at a bank without much hassle thanks to a young woman executive who volunteered to help me by completing all the formalities and handed over 20 Rs.100 notes which further fattened my wallet. As I walked past the bank premises, I looked at the serpentine queue in the other end and heaved a sigh of relief.

From the day (Nov 8) Modi announced demonetization to November 25, life went on smoothly without any major struggle. After I paid off my monthly dues which have to be cleared using cash and splurging on flowering plants without giving much thought to the consequences of it, I was in a post office to send a speed post, much to my chagrin, I realized that I was left with just Rs. 10 in my wallet. Next thing I did was to peek through the window of the post office to an ATM across the road and was intimidated by the serpentine queue.

Prime Minister Narendra Modi wants India to go cashless. And it seems that ATMs have been taking the lead ever since the demonetisation drive began. They are absolutely what PM wants the economy to be — cashless.

The result: people's frustration is building up because ATMs are either getting emptied faster than they are refilled, or they are just not working. For all his braggadocio about making India a cashless economy, why the Prime Minister has not made any provision for me to pay for a speed post without cash?

With just Rs. 10 in wallet, I reached home and the frantically opened my coin box and turned it upside down. I spread the coins on a table and sifted through them and segregated the coins into __ Rs. 5, Rs. 2 and Rs.1. From that day, I’ve decided to embrace frugality and I’ve been making all my cash payments using coins. From post office to kirana store, wherever I went, people embraced coins. In some places, people were willing to exchange coins for notes.

The jury is still out on the political and economic impact of the decision to target unaccounted cash; the move has caused enormous inconvenience to many. Religious places across the region are witnessing massive footfalls as the cash-strapped poor are thronging them for free daily meals, not to mention the number people died while standing in the queues in front of ATMs and banks.

Whether Modi’s biggest ``surgical strike’’ on black money would achieve the objectives it was set out to, it has certainly brought many Indians to their knees.