Only time would reveal the real purpose behind the cash demonetization but this step is indeed serving the interests of controlling vast swathes of people deprived of their own hard earned cash. As for the discourse of digitalization of financial and banking transactions, it is a cruel joke at the cost of poor masses who neither have access to electricity nor internet facilities. The actions of the government, the discourse of ultra-nationalism and the excessive control mechanisms to crackdown on the cash starved people, their ability to laugh and question their right to their own treasured possession make a case of an unannounced Emergency
ANURADHA BHASIN JAMWAL
[dropcap]N[/dropcap]ot long after union home minister Rajnath Singh euphorically remarked that the demonetization of Indian currency notes of higher denomination has stopped the terror funding modules and linked this to the decreasing stone pelting incidents, his deputy Kiren Rijiju has said “Illegal funds are being sent through ‘hawala’ and other channels to inimical forces in Kashmir Valley to incite protests”. His other colleague, Minister of State for Home Hansraj Ahir said separatists and militants were receiving funds from foreign countries through ‘hawala’ and inward remittances.
Weaving such dichotomous tones which obliterate the difference between the stone pelting civilian and an armed non state actor hardly covers up for the inefficiencies of the government. Besides, such statements just don’t add up. Which of the minister of the home ministry is speaking the truth?
Has demonetization helped check terror funding or helped the latter go up? If the latter is true, why are ordinary citizens being punished across the country by depriving them of cash and hitting their small businesses and their day to day lives. The currency crisis has neither stopped the ceasefire violations on the borders, nor has it halted the attacks by militant groups. Both these move in vicious cycles and could have been tackled only through dialogue. They cannot be tackled with military might or jingoism, much less by withdrawing money from circulation.
The logic of withdrawing 86 percent of the country’s currency is getting more and more bizarre. It hasn’t hit militant groups and it hasn’t certainly checked the black money, even if there are reports of some hoarders getting rid of their stashed up cash by burning them or throwing them in rivers is in circulation.
That gold prices have gone up and gold imports are at an all time high is a reflection of at least one of the ways in which black money is being safely invested while the commoners are queuing up outside banks to get their hands on meager bits of their own hard earned cash but returning in vain because the country does not have enough valid cash to keep the economy going. Instead of reviewing the policy that has serious adverse impact, the government is coming out with more and more twisted defense of its demonetization moves and excessively autocratic ways in which it can gag criticism on the issue or any other aspect of governance.
Needless to point out that the cash starved country and the unending crisis is slipping towards a great economic depression which will have long term ramifications on social and economic scenario of the country. In the face of this imminent threat, the BJP government has no back-up plan or the inclination for reviewing its moves.
On the anvil is an I-T amendment law that will bring gold that people possess under scrutiny and though there would be no taxation for inherited gold or that purchased out of disclosed income, each case would now be a ground for contestation. Besides, if the new law has its way, the government will get to decide how much gold a single and married woman can hold. How does one prove what has been inherited part of the gold each person possesses when a bar has already been fixed at 500 grams per married woman and 250 per single woman, as if the latter has lesser rights to inheritance or ability to purchase gold on her own.
Economists world over have pointed out to the serious flaws in the policy and some Indian experts have also opined that much of the invalid currency, through huge deposits, has already come back in the banking system, deflating the theory of gains of the demonetization scheme through ending black money or increasing the RBI reserves.
Jokes are widely in circulation on the whatsapp and social media with respect to the multiple flaws in the cash demonestization policy and its impact. Instead of using criticism as a feedback from the masses, the government is mulling plans to crackdown on dissent. The anti-national discourse has been once again propped up, this time not with respect to Kashmir and the borders, but with respect to the cash crisis.
Union finance minister Arun Jaitley has said that strict action would be taken against those circulating jokes, revealing the government’s penchant for policing the nation’s sense of humor. Not only thinking but even laughing, that can be a tool for survival in distressing times, has been reduced to a crime in this lop-sided imagination of nationalism.
Only time would reveal the real purpose behind the cash demonetization but this step is indeed serving the interests of controlling vast swathes of people deprived of their own hard earned cash. As for the discourse of digitalization of financial and banking transactions, it is a cruel joke at the cost of misery of poor masses who neither have access to electricity nor internet facilities. The actions of the government, the discourse of ultra-nationalism and the excessive control mechanisms to crackdown on the cash starved people, their ability to laugh and question their right to their own treasured possession make a case of an unannounced Emergency.
The Emergency years under Indira Gandhi became an anathema for the authoritarian might of the then government and their controversial steps like enforced ‘nasbandi’, which impacted only sections of the population. This government is hoping to rule the country with exercise of its brute authority through ‘notebandi’, ‘dissent-bandi’ and ‘joke-bandi’. It is a complete terror crackdown. Where is the national interest?
