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5:54 am - Monday November 20, 2017

Commoners Hit Hard

Although the Prime Minister Mr.Narendra Modi announced the demonetization of the big currency notes as a measure against black money and its holders but it actually hit hard the common people. What to say of few days the rich persons can and is waiting for many more months to settle and a square up their ill-gotten money to their advantages.

It is already shown on TV channel that money changers have openly asked the rich class to turn up at their counter with any large amount of money in high denominations and exchange with foreign currency be it Dollar, Pound, Euro and any other foreign currency. Such people will certainly be those persons who have foreign bank account or can manipulate in future in the country itself. Gold buying on clandestine destiny way are also going upto such extent that with many jewelers the gold stocks are totally finished.

While commonman at the banks and post offices are being turned back on the blunt set back that the currency stocks were finished come next day. The Government announced that on 10th November the banks and post offices would open at 8 am in the morning and remain upto 8 in the night. But even in National Capital Delhi none of the bank opened at the fixed time. Even the biggest post office of New Delhi known as Golghar told the milling crowed that it had not received the currency till afternoon.

It is alleged that banks and post offices staff exchanged the money with underhand dealing of cuts and commission and waiting people were told that currency stocks exhausted.

The commonman are badly hit with this type of chaotic conditions without proper preparation the Government launched such a massive financial scheme. On highway toll barriers the traffic came to grinding halt as the staff at barriers were not accepting high value notes. It is marriage season and such families are in great difficulties. With the issue of currency notes of Rs.2000 and Rs.500 the Government has announced it that soon the Rs.1000 currency notes are also being issued.

The Government should take serious note of the fact that black money holders are in no hurry to exchange the money at the bank counters but going to private outlets to exchange their money with foreign currencies.

Posted in: Editorial

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