A lurking fear whether the anti-national forces are derailing the demonetization?
As a citizen of this country, I feel proud for Modi's bold decision to demonetize Rs 500 and Rs 1000 notes and replacing them with Rs 2000 denomination.
Theoretically to replace the 86% of the currency value consisting of Rs 500 and Rs 1000 with new Rs 2000 shouldn't take much time and the transition must have been effortless because the remaining 14% of the currency value consisting of Rs 10, Rs 50 and Rs 100 is untouched. These small denomination bills are the ones which the common man needs to exchange at the grocery, dairy, bus and auto for daily needs. As a home maker, I found exchanging the erstwhile Rs 500 bill was always inconvenient and used to insist my husband to keep adequate stock of lower denominations for my daily shopping.
Soon after demonetization, I felt that it is my moral responsibility not to withdraw money from the bank till the ATMs and Banks start functioning normally. Thus I decided to manage my home with the small currency at home and pooled all of it including coins. I expected that the Rs 4000 on hand should be good enough to manage at least for 10 days.
Moving on to the eleventh day, when the currency circulation hasn't stabilized, I have a lurking fear that anti-nationals are buying back good Rs 100 and Rs 50 with bad demonetized Rs 500 and Rs 1000 bills and are hoarding it. But for this, I don't see any logic for the present chocking of money circulation.
Government should immediately bring a notification to arrest any person holding more than Rupees ten thousand in Rs 100 denomination or less. With such a legislation, it becomes the responsibility of the individual to get rid of the small currency and accept the new currency. This would force people to part small currencies and exchange for higher currencies, thus bringing back normal currency circulation
Unless the government acts fast, I fear currency circulation would get chocked and make the demonetization exercise futile.+Narendra Modi +Mannkibaat Airdelhi