The Currency Ban in November last year was a brave step on the face of it. What Mr Narendra Modi announced over a night that from tomorrow the 1000 and 500 will not be a legal tender. How this went down with citizens and how its feeling post 3 months of it.
People are saying what’s the problem with a 4500/- daily ATM limit and 24,000 per week limit?
I say, no problem, I don’t even require so much cash every week.
My problem is that the limit takes away my freedom to deal with my own money.
It is not the RBI’s money, it is not the Governments Money, and it is my own money which is in the bank because the representative currency was made illegal and my money captured into a bank account.
My problem is that I no longer have access to something I own.
My problem is that the banks have proven to be reckless with my money and their non-performing assets are rising by the day.
As of yesterday their non-performing assets were reported to have risen by 4,40,000 Crores
How do I trust such banks, bankers and the banking system loosely regulated by the Reserve Bank of India?
What if somebody took away your car and told you that you can drive it for 20 kilometers only every day and 200 Kilometers in a week and made changes in the fuel tank in such a way that you cannot exceed those limits?
That the car will not move an inch on a daily basis if you drove it for 20 Kilometers?
Would that not take away your freedom?
Also read: Fintech and Demonetization
My money is my freedom and an attempt at taking away my money by a force of law is an assault on my freedom.
In other words this government has encroached on my fundamental right to freedom.
And that is my real problem. Is it not yours?
This will curb black money is what was announced during the time of currency ban. Is it really happening?
The banking industry has gone craze over it; multiple times bankers have been caught with new currency. The question is has this tamed the black market or given them support via big currency note.
The government has no control over the banking sector. The hording of money for illegal transaction has risen 400% since currency ban.
The new currency has been printed in equation to the old currency and as per requirement, but still things are not normalized. The money is not able to sink in to all levels of society in the country.
The question can be actually: “What is the real motive behind the currency ban? Is it about getting the black money out or trapping the white money in banks for government use.”