The Reality Of Demonetisation In India – Review It [PART-1]

This article is dedicated to Abhishek who has inspired me to write on demonetisation in India. I request everyone to kindly visit his WordPress blog and read his wonderful posts. He writes exceptionally well but this article 56 Reasons why India should vote for BJP in 2019 doesn’t provide a comprehensive analysis to the mentioned points . It comprises of statistical data which the common man can’t understand without an explanation in layman’s language. I have chosen this topic because each and every individual of India has gone through this dark phase. I clarify that I neither support any politican nor any political party of India. I will prove the benefits of demonetisation wrong using news reports, observations, statistical data and some facts. I will also provide the links of the renowned and reliable media houses that has been used to support the statement.

  • Let’s begin, I visited his site with curiosity and read the article. He has put a lot of effort without a complete research.
  • Demonetisation is the 13th reason or point mentioned to vote for BJP, I first gave a glance at the image provided below by him.

  • After reading all the aforesaid points, I observed that this is written by http://www.taxguru.in website, the URL is in the blue color, a site that I have never heard. The 5th point has a heading USE OF APPS AND CARD, I smiled and was amazed that this is not a professional site. First of all, Which kind of app you are you talking about? There are many types of Apps available on the Internet like gaming apps, social media apps,etc .The small vendors were already using such apps. I understand which “app” they have referred here but it reflects that the site has not drafted and edited the article. The 6th point with heading as GOLD STOCK is unheard and bogus because all the jeweller’s in India can’t declare there stocks on a daily basis , it is completely illogical and wasn’t in the news. These points were the reasons given by the BJP to support demonetisation.
  • Now, I read Abhishek’s viewpoint. He has stated that demonetisation helped the government to track the black money which was kept hidden by tax evaders. It also promotes cashless India and brought an increase in the taxpayer community in India. Last but not the least that most of the banned notes have come back into the banking system. It helped the government to track down the corrupt people. It is all about “taxes” in one word. He provides this link here to support the statement. I visited it and got only the statistical data which doesn’t hold much significance when explained properly . It is highlighted and explained among the other points.

Who Were Against Demonetisation?

The following are the “some” people who argue that demonetisation was actually a big mistake and the biggest failure of the BJP government. They are among the top economists & media houses of India and across the globe. They predicted the outcome during the demonetisation and also justified it. There analysis have been proved accurate in the recent times.

1.Raghuram Rajan

He is an Indian Economist and the former governor of the Reserve Bank Of India . He is currently a professor at University Of Chicago. He has also served as the Chief Economist at the International Monetary Fund. He was sacked from his post of RBI governor before the demonetisation in September,2017. He had criticized the move in his book I DO WHAT I DO.

The Times of India, here is the link for the reference.

Hindustan Times, here is the link for the reference.

2. Steve Forbes

He is the Chief Editor of the Forbes, a renowned business magazine in the world. He gave his view during the period of demonetisation and criticized the same . He had published it online and also the print edition of the magazine.

Forbes, here is the link for the reference.

HuffPost, here is the link for the reference.

Forbes, here is the link for the Moneyreference.

3. Kaushik Basu

He is also an Indian Economist who served as the Chief Economist at World Bank and the Chief Economic Advisor to the Government of India.
He is currently the President of International Economic Association. He also was against demonetisation and criticized the same.

The Times of India, here is the link for the reference.

BloombergQuint, here is the link for the reference.

4. The Guardian

It is a British Daily Newspaper and among the most renowned in the world. It had also reported on demonetisation during & after the crisis.

The Guardian, here is the link for the reference.

The Guardian, here is the link for the reference.

The Guardian, here is the link for the reference.

5. BBC

The British Broadcasting Corporation is also among the most renowned media houses in the world. It has a subsidiary in India who reported on demonetisation.

BBC, here is the link for the reference.

BBC, here is the link for the reference.

6. Economic Times

It is an Indian daily newspaper, it is a subsidiary of The Times Group, the owner of The Times Of India who have a huge readership in India. It is among the top business newspaper in India. There analysis also doesn’t support demonetisation.

Economic Times, here is the link for the reference.

The Reasons given for demonetisation by the BJP & the analysis of those benefits

There were many reasons given by the BJP government & the honourable Prime Minister of India Mr. Narendra Modi during his speech. It is highlighted and explained below which will give the people of India the picture of the reality. They were termed as the “benefits” that the country would gain after the period of demonetisation. The image provided below will provide the clarity.

Source – http://www.bjp.org

1. Counterfeit Currency

The BJP government claimed that post demonetisation Fake Indian Currency or Counterfeit Currency that were in circulation will become useless. There is an increase in the fake currency circulation of the new notes. Thus this justification has failed.

“Think twice before you speak”

The Indian Express here is the link for the reference.

NDTV here is the link for the reference.

The Hindu here is the link for the reference.

Hindustan Times here is the link for the reference.

FirstPost here is the link for the reference.

The Economic Times/Times Now here is the link for the reference.

The Economic Times here is the link for the reference.

Business Today ere is the link for the reference.

The Times of India here is the link for the reference.

TO BE CONTINUED

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SOURCE – INSTAGRAM

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