In order to cover its failure to bring back black money from the Swiss banks which Modi led BJP had promised before 2014 Lok Sabha elections, Modi Govt. has resorted to dramatic and ineffectual measure of invalidating notes of denomination Rs1000 and 500. This step of the Modi Govt. for which no proper preparations were made have created a lot of hardships to daily wage workers, hawkers, vendors, small shopkeepers, common people in general. Modi Govt. in order to cover its embarrassment of doing nothing on what BJP President has termed as ‘jumla’ is resorting to creating a public perception of being pro-active in recovery of the black money.
This step of Modi Govt. displays scant regard for the concerns of the common masses. Rs.500 has become a very ordinary currency given the rise in prices of all the commodities. Even the daily earning of wage labour is near that amount. Modi Govt. must be well aware that these currency notes are used routinely by the common people. This step of the Modi Govt. has come handy to the black dealers of currency who have charged between 5 to 10% of the amount from common people. So many people have been stranded during their journeys and millions have queued up before the banks.
Modi Govt. with the aid of sympathetic media has tried to divert attention from the fact that the issue of black money relates to huge hoards of money stacked abroad. There have been reports of staggering amounts of such money. Just like its predecessor Govt., Modi Govt. too has not disclosed even the names of such black money holders, what to talk of recovering that money. This black money belongs to ruling politicians and bureaucrats who have taken huge sums as bribes and to the big capitalists who have dodged the payment of taxes. Obviously, many of these black money holders have been enthusiastic supporters of Modi led BJP and continue to be so.
So long as the question of recovery of black money continues to be tackled by the benefactors of black money holders like Modi, it is certain nothing will come out of it. Demonetization of the existing notes of Rs.1000 and 500 is an act of perception management causing a lot of harassment to the people. It is a gimmick of black humour and not an effort to recover black money.