Critics are raising several questions on demonetisation. Answers are awaited.
Demonetisation – the criticism of electronic assumptions
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The critics of India’s demonetization drive are finding several arguments to bolster their case – technical, political, logical. The primary reasoning offered is that “economic reasoning” could never had led to demonetization. Hence, it was not well-planned. The government stoutly denies any such charge. Critics say that to expect instant learning (of digital money transactions) from crores of honest citizens for whom cash is the way of life, is wrong. Earlier, hard metals were used as currency. Then came the “paper currency” which is essentially promissory notes, and entire Europe made huge strides due to the simplicity the new system offered [Watch our lecture on “Concept of Money”]. Why has India chosen to eliminate that suddenly?
In India, sudden demonetization has created real risks for the poor, who are under-educated, and may lose money trying to do electronic transactions. India does not have the infrastructure to institutionalize training and learning of such a vast magnitude. Critics say that if black money held in cash was anyway less than 10%, then DeMo is of little use anyway. Most black money is in foreign accounts, benami properties or gold. Attack that, not cash. Critics also point out that huge job losses in manufacturing have started to happen. However, the various data dished out by the government are not entirely in that line. The sudden change of goals is the proof of the government’s lack of preparation, is the critics’ main line of reasoning. 9. Critics also say that critics are being painted as being “anti-national” and “supporters of black money” which is wrong.
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