2017 – Bring in Remonetisation
Abhay Goghari
Experienced storyteller. Bylined author and novelist. Digital content creator with work spanning six regions and 8 niches. Former art director.
“Mere pyaare deshvasiyon…” The PM was at it again on December 31. However, unlike on November 8, he did not send the nation in a tizzy. Rather, it was a candid appraisal of the 50 days of demonetisation, and a series of announcements aimed at mainstreaming of massive amounts of black/grey money that found its way to the banks.
So, what was the PM’s nett message on December 31? In one word, Remonetisation - ploughing back the influx of funds leveraged by demonetisation.
The PM donned three avataars on December 31.
Modern-day Robin Hood
Without demonetisation, it would have been impossible to firstly generate and secondly deploy large scale finances for mega welfare schemes. The ghost of Robin Hood, if hovering over India, will certainly get a complex from what Modi Ji has done - snatched from the unlawfully rich and given to the poor. How much? Rupees 12.5 lakh crores! That's eleven+ times the size of 2G scam!
The direct beneficiaries of his announcements are the base of the socio-economic pyramid, women, and senior citizens. However, by budget time, everyone is expected to gain. Here is how:
- Interest rates on loans will go southward, since banks have to channelise their newly found wealth.
- Hitherto undisclosed money has been brought into the system and it will be taxed. This will bring down budgetary deficit.
- As a cascading impact of above, significant tax sops are a certainty in the upcoming budget. It’s simple - as tax paying footfalls increase, tax rates per se decrease.
Magician par excellence
“Modi Magic” had become a pan-India buzz word after the 2014 general elections. However, the real magic unfolds now, not in terms of votes but notes!
Previously, whenever ambitious welfare schemes were envisaged, the instant question or excuse raised to abort them was, “Where is the money?” Modi Ji has created a colossal resource base literally from thin air!
For magic to be mesmerising, it has to be swift. This capital base was created in just 50 days, what would otherwise have taken many years.
Strict class teacher
Demonetisation was a boon for some crooked bank officials and middlemen in the money laundering chain. However, their heydays were limited. Their modus operandi stands exposed today. The way a stern-faced PM said in his national address, “Unko baksha nahi jaayega”, those who are yet not caught in the act have reason to worry. When a strict, upright class teacher says that students caught copying in the exams will be punished severely, he means business, doesn’t he?
The 50 cashless days have been trying and testing for desh vaasis, especially those in the cash-dependent hinterlands. But hey, have a heart, Remonetisation is here!
2016 gave us two Pink successes. The latter will be bigger than B.
Author is a senior creative strategist, copywriter, writer and digital content generator.
Cartoon credit: Modibharosadotcom and Satish Acharya, sifydotcom.
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8 年If you consider each year of NDA regime and the striking financial event of each year this may be the list. For better or worse. 2014-2015: Opening of crores of bank accounts. 2015-2016: Tax collection laws and rules. 2016-2017: Demonetisation and Remonetisation. 2017-2018: GST implementation. 2018-2019: Universal income taxation to be paid by all income earners ; @ 1% to 40% increasing by 1% proportionate to incomes and to be paid annually in banks. During this time of 2016-2017, the reduction of black money and increase of digital economy will be one outcome and the damages to many social groups and economic activities is the other outcome. More is said of the former and more is ignored of the latter. Is India both happy and sad. But PM and FM only want to win at all cost and spend all of the money earned by all people collected forcibly into banks, to finance their schemes which are becoming more and more prolific and expensive as time goes on. NDA is on a different trip than most of India.
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8 年very well written. I'm sharing it for sure.
"As Indian women, we are always balancing work, life, home, etc. It's important to know that while juggling rubber balls and glass balls, the former may bounce back when you miss, but the glass balls will crack if you let them fall. So prioritise, prioritise, prioritise." Nita Ambani
Digital Program Manager
8 年Abhay Goghari, I am sorry again if my words were rude but those are facts... Just an update, i am one of the person who wished for Modi to become PM and appreciated many of his initiatives but not this one....
YugeHermeneutic.com
8 年Shanty... cannot agree any less with you. Looking back over the last one year rather than addressing the real issues, NM appears to be stimulating situations which would lead to a certain conditioning of the mind. What more can we expect of politicians? If we are to attribute vested interests to these acts we would find various degrees of facts (truth), but then question as you have rightly posed is 'do we fall for it? But look at the circumstances... for the first time, the driver of the private school cab took a cheque ... the domestic support personnel has shared her bank account number ... Oh they do have RELJIO SIMS too....