An accurate analysis

The January issue of your magazine is superb . You have rightly observed the Nation has been stunned since Prime Minister Narendra Modi announced the de-monetisation of old Rs 1000 and Rs 500 notes and restricted the withdrawal on money limit by the citizens from their own accounts in banks and post-offices . The growing feeling across the country is the demonetization is detrimental to the ordinary masses.
feel the Government ought to have anticipated the difficulties that would be faced by the public on account of the new policy . It should have handled the policy properly on the practical plane. The Government's idea of a cashless system is not feasible and desirable at this stage. There has to be cash transaction as an alternative.
On the issue of confrontation between the judiciary and the executive , you have rightly said it is regrettable . There are said to be 500 vacant posts of judges in the country. The government must clear appointments of judges . The judges'
appointment must not be a hostage to the Government's attempts to replace the present collegium system with a National Judicial Appointments Commission (NJAC).

Kaveri Mukherjee
Kolkata

Detrimental policy

Prime Minister Narendra Modi had announced that he would make fresh announcements after the deadline of December 30 on the demonetization of Rs. 1000 and Rs. 500 notes. Nothing positive has happened so far . There are still restrictions on the withdrawal of money by people from their own hard earned money in the banks . This demonetization has caused misery to the poor and the downtrodden who survive on daily cash earnings. Reportedly, 100 people have died in their efforts to withdraw their own hard earned money from the banks while standing in the queues. These families must immediately be given adequate compensation.

The Government must waive farmers' debt . They are suffering due to the disruption of normal agricultural activities. The Government must double the allocation for the MNREGA to ensure hundred days of employment for all those who are enrolled. It should provide tax rebate to small and medium enterprises whose economic activity has come to a standstill as they are conducted mainly in cash transactions. It should remove all restrictions on deposits and withdrawals of funds from the cooperative banks.

This demonetization will lead to a significant revenue loss in many states. To address this crucial issue, the Centre must compensate the state governments for the loss in revenue that they are incurring. The borrowing ceiling on the state governments in accordance to the FRBM Act must be raised form 3 to 4 per cent of the Gross State Domestic Product.

The PM is constantly emphasizing the need to shift to a cashless economy. The Government must ensure that people are not burdened with additional costs. It must remove all digital transaction costs. All ration card holders must be ensured supplies. The condition of making Aadhar card compulsory has led to a very large number of people being denied their rations. This must go.

Prime Minister must publicly declare the quantum of demonitised money that has returned to the banks. Few weeks ago, the RBI said that 82 per cent of the old notes are back in the banks. If all of the demonetized money has come back into the banks now, that means all the black money has been converted into white. If more has come that means all the counterfeit currency has been legalized.

People want to know what is the quantum and value of new notes that have been printed so far? By when will the value of demonetized money be back in circulation through new notes? How many people have lost their jobs and livelihood since demonetization was announced on November 8, 2016?

The PM has been talking a lot about ending corruption. Why has the government not instituted probes into the various scams like Vyapam, Sahara- Birla dairies etc?

A Citizen