Subject: Ban on currency notes by the Government of India
May I have the honour to draw the attention of the authorities towards the recent ban on the currency notes by our government? There has been absolute chaos all over the country since the historic announcement. As many people are still in possession of cash that is no longer legal tender, their daily lives are getting affected and they are unable to procure necessities. The poor are the hardest hit since many of them are illiterate and are confused by the whole procedure. Trade and commerce have been hit. Perishable food items like fruits, vegetables, meat and fish are rotting in some parts of the country. There is no end in sight to the chaos for at least another week.
In all this uncertainty, the Finance Minister has been trying to calm the public by saying there is no need to rush; that the people have time to exchange their notes. He has also been trying to reassure people that their money is safe in the banks. Arun Jaitley fails to understand that people are not worried about losing their money; they are rushing to get legal tender so that they can buy their daily necessities.
Furthermore, many people are being given Rs.2,000 notes when they go to a bank. This does not solve their problem since the new Rs. 500 notes are not available. If these had been made available, the chaos would have largely been contained. People have Rs.2,000 notes now, but others don’t have change to give them!
The way this whole process has been mismanaged will have an impact on India’s reputation as an economic power. But as a citizen of India who believes in the system, I do hope that this move to mitigate black currency in our economy will eventually fall into place.