2017 rolled in with a thanksgiving speech of the Prime Minister Narendra Modi. After addressing the nation on 8th November 2016, Prime Minister again on New Year eve addressed the nation as his promise of bringing economic normalcy within 50 days was ending. It was done on his part to comfort all those who were upset with the demonetization drive and significantly those who supported him. It appeared that the Prime Minister chose this date as if he felt that people should not carry on to the New Year with old miseries and problems. The schedule of the Prime Minister’s address to the nation was already marked so people in the country were almost in a stand still position. In a way, it was the first time on New Year's Eve that people in India were not getting ready for an evening party but for the evening Prime Minister's address. Most people went out for evening parties after hearing Prime Minister’s address. Every countryman somewhere deep in his/her heart expected that the amount withdrawal limit in banks should be altered or be completely withdrawn. But that day Prime Minister, who is known for his command in speech-making skills didn’t satisfy the citizens and infact left them all more hurt. The mood of many to celebrate New Year was low after his speech which looked more like a small ‘pre-budget’ speech.
I while hearing him that evening observed that he appeared very much conscious that somewhere he has gone wrong. Nevertheless, he wanted people to stay positive while they all were entering the New Year. But that evening some citizens felt that it was an unending promise while others accused the Prime Minister of cheating them morally. Many among us since 2014 have a belief that the Prime Minister is trying very hard to take the country to new heights with his vision. Ever since he has taken over he appeared very firm to transform India. But it is the first time that he seems to have gone out of track while fighting black money and corruption. This demonetization has also led to infighting within the cadre of the Bhartiya Janta Party (BJP). Many members of the party are not able to digest how the Prime Minister can go so wrong. They now believe that all the confidence which the party gained after the surgical strikes is completely washed out. Poor people in the country at present are filled with anger while some ministers of the present government have maintained that the government had only acted on recommendation of the Reserve Bank of India (RBI). Moreover, this popular belief ended when the RBI told the Parliamentary Panel Committee that it was the government which had "advised" the Reserve Bank to scrap Rs 500 and Rs 1000 notes.
Post-demonetization brunt is now visible even in Jammu. Initially, we saw PAYTM sign boards everywhere in Jammu, from a big store to a barber, all of them wanted to flaunt PAYTM. But now the PAYTM craze is over in Jammuites, as again most people in Jammu want to spend in cash rather than this electronic cash. Although the hardships have ended outside ATM’s but yet new notes especially of Rs. 500 aren’t available. For this, start recalling since demonetization has started how many times you found new 500 rupee note very easily either from bank or in any market in Jammu. Till today my experience with this new 500 rupee note is very poor. This experience of mine is supported by an occurrence which happened just a few days back as I went into a central government bank in Jammu and sought these new 500 rupee notes. However, the bank clerk very politely refused by saying that still the supply of 500 rupee notes to the bank is not sufficient. On the other hand, the new 2000 rupee note is very easily available but very hard to spend against small purchases in markets. Also in my earlier column last month pertaining to demonetization, I highlighted how some bank employees across the country in connivance with the mafia exchanged old notes against heavy commission. Surprisingly, sometime back this kind of strategy was also detected in Jammu as some employees of the Citizen Co-operative Bank in Jammu have been found involved in illegally exchanging banned notes of rupee 500 and 1000. If we speak of the demonetization impact on traders in Jammu, then most of them after suffering in the summer season because of the unrest in Kashmir are currently affected by this demonetization drive. Still, they haven’t spoken anything against it and have acted as true nationalist’s supporting India. But we can clearly observe the impact of demonetization by simply going to any market of garment and hosiery business in Jammu. You will come across the big welcome banners outside every garment and hosiery shop inviting you to ‘sale’. Question is not of ‘sale’ but timing of this ‘sale’ and people related to garment and hosiery businesses silently admit that they have started ‘sale’ this time too early as demonetization has caused cash crunch in businesses. Like this, other trade segments also are having tough times due to this bold decision of the government.
The honesty, integrity and competence of the Prime Minister were intact but now it has been put to the hardest test in India. After the relaxation announced a few days back in withdrawal limits in banks people still feel bondage under government regulations. At the start, many citizens supported the demonetization drive as it was projected to be a momentary period that was defined as ‘50 day pain’. All of this has left maximum people to suffer at the cost of the privileged few. There are small rumours making round that these banking restrictions may only continue till 31st March 2017. While some others propagate that it may continue till 31st December 2017. With each passing day it is required that the government must recover their trust in all individuals particularly poor. The upcoming 5 state elections in India are believed to be the next trial of this demonetization drive. Some positive result is sooner required for the government on the political as well economic front or later this demonetization will fizzle out.