Daijiworld Media Network - Udupi (HB/SP)

Udupi, Nov 8: On the first anniversary of demonetisation exercise undertaken by BJP government at the centre, there have been tall claims of its success, while opponents of the measure term it as total failure. Daijiworld decided to meet some people and gather their opinions about this measure.

Pramod Madhwaraj, district in-charge minister, says that when the measure was announced, he had said that it would take sometime before its affect is revealed. "I had expected income of the people to fall because of this measure. People who draw monthly pay are not hit but daily wagers without any other income have been hard hit. Other than the income of Jay Amit Shah, income of no other person would have shown an increase, in my opinion. Personally I am facing problems because of this measure, and it has adversely affected and my business," he stated.

Jay David Soans, a watchman, said that he did not feel any difference because of note ban. He concurred that initially there were certain problems till the currency notes of Rs 2000 value were released. "But the problems were minimal. I see that some people claim that they suffered on account of note ban but I did not suffer. At the same time, that measure I feel, has not brought any benefits too," he explained.

President of district Chamber of Commerce, Krishnaraj Kodancha, said that this is not an issue of note ban. "Perhaps thieves, fake currency manufacturers, and people who do not pay tax and accumulate money without showing it as income, would have faced problems. Honest businessmen have not faced too many problems in my opinion. Because of note ban, new accounts were opened, and the old accounts got refreshed. Such schemes should be brought into force now and then, like small jerks experienced by vehicles. After the jerk, the dealings move on smoothly, as per my notion. It was done for the general welfare of common people. I came to know about it during my Nepal tour, and I feel such measures are perhaps taken on the basis of intelligence inputs," he stated. He felt that people should be ready to face some problems for the creation of a better society in the future. "It is impossible to achieve cashless and corruption-free India completely," he adds.

Taxi owner, Manohar Shetty, said that taxi owners have not faced any problems out of demonetisation and people have cooperated by giving small denomination notes. He feels that it is impossible to make all transactions cashless. "I feel that this measure will prove beneficial, and I feel that in course of time, the motive of cash less society also might be achieved. The government had given enough time for exchange of old notes. We did not have problems in exchanging notes through banks," he said.

A shop owner, Tusha B kanchan, concurs that merchants faced lot of problems because of this exercise and there has been a decline in money i the hands of the bank. "Business has come down. It is impossible to bring cashless transactions into practice. Several poor family do not have anyinformation about it. So far, there has not been much progress in creating a corruption-free society. We may have to wait for some time. I hope that positive changes will come in due course," he stated.

Street vendor, Manjunath, feels that there was not much problem on his business because of note ban exercise. He agreed that there was some problem initially, but it had minimum impact. Business continues as usual. Perhaps, the central government has been bringing out these measures to improve financial situation. With note ban exercise, Narendra Modi had revolutionized the country. I am sure more such measures will be brought about. I wait for them, he said.

President of district consumers welfare forum here,Walter Saldanha, said that as far as the forum is concerned, cashless initiatives and note bank exercise have created multifarious problems. "Business has been halved . Prices of basic things have shot up. There is a crash in transactions and only half of our old customers are visiting us. "Cashless transactions concept is not popular in India. Chances of it gaining foothold is less. People want to deal in cash. No one knows the main purpose for which note ban was done. There does not seem to be any link between demonetisation exercise and cashless transactions," he feels.

President of district Congress election campaign committee, Amruth Shenoy, says that when note ban was brought about, about Rs 16 lac crore was in circulation, and as per their early estimate 50 percent of it would be black money. "They thought that the balance money can be printed and the government coffers would become rich. They tried to explain the measure as having been done to control naxal activities, to encourage digital India concept and cashless economy, control terrorism etc. After two months they had allowed for exchange of notes, they have not revealed the actual black money they could find. 98 percent of money in circulation has come back to the government. Killing of soldiers from across the border has not come down. All classes of industries faced losses. People were afraid to buy property. Government too has not revealed the benefits it reaped out of this measure. In election rallies, Modi gave several assurances, but none of them were met. They orchestrated attacks on dalits and ban on beef. All these are failures of the government. They tried to bring in a big revolution but failed miserably. I want to know from them how will they fill loss of lives because of these measures," he questions.

Economist and columnist, Jayadev Prasad Moleyar, when agreeing that the concept was good, added that he did not find any immediate benefit out of it. As soon as black money is controlled, it stops flowing into economy, and therefore, automatically, business will suffer. We have to look a positive and long term changes that these policies will bring about. Everyone knows that it takes time to see the impact. There is no need to lose heart. "It will prove good for the economy as a whole. Proper implementation of a policy is important. This is a huge process, nor normal. Such a measure was unheard of in the past. Particularly they are difficult to be implemented in countries like India. I feel thinking and plan of action was insufficient and therefore expected benefit could not be reaped. But we cannot leave the measures now. What steps we take next gain significance. All developing nations have taken such measures to stop illegal, fake currency and black money. The aim was good and therefore benefits will be there. People should check honesty of purpose and benefit accruing to the country, not selfish aim," he stressed.

In spite of which government is in office, this was a right measure for achieving financial development. It should have been undertaken in the past, but has happened at least now. It is a long-term process. Cashless transactions can be seen to have gained popularity. Black money has a strong presence n our country. We have about 40 to 50 percent black economy. Black money has definitely been blocked in the market, and therefore,business has suffered. This is natural and expected. If the policies are properly implemented, India will surely show," he felt.