Even after a year of painful demonetization, the government is struggling to smoke out black money. Contrary to its expectation, almost the entire black money stash found demonetization an easy way to blend in the banking system and thereby earn interest. Even the attempt to curb counterfeit notes through the move failed. The other two principal promises — choking terror funding and ushering in the era of digital economy — did not exactly take-off. FM Jaitley’s assertion that demonetization has reduced stone pelting in J&K is, at best, an oversimplification of a complex issue. Admittedly, the removal of old currencies from the system did accelerate digital payment transactions. The tempo, however, quickly went down soon after re-monetization. Later, the GST encouraged small businessmen to dump digitation and resort to cash to escape the tax net.
Demonetization, however, did nudge people towards greater compliance. But, this would be more out of the coercive pressure of the tax inspector, which is not an easy sentiment. This fear has already robbed “household savings” of millions of families by forcing women to disclose their small reserves, and thereby, killed the Indian culture of micro-savings. Thus, demonetization destroyed the informal financial cushion that often came in handy at times of a family crisis. Lifetime savings of Gurkha regiment retirees in Nepal became worthless. Similarly, Indian currencies kept as valued forex by millions of citizens in neighboring Bhutan, Bangladesh, Sri Lanka and Myanmar became worthless paper, thereby eroding trust in the Indian rupee. Imagine, if the US were to do the same with the dollar.
Undoubtedly, PM Modi’s stated intent behind demonetization had initially been well-received by the people, who patiently endured it for more than 50 days. Its socio-economic costs, however, have been enormous. Most of those who lost jobs or shut their small business units due to the currency squeeze were from extremely vulnerable background. Many people also lost their lives due to this futile experiment. Whatever be the government’s self-congratulatory sales pitch, for many Indians it has been a jolt from which they will take a long time to recover.
(Tribune India)
Discover our reliable Long Beach Airport Shuttle Service for easy transportation to Los Angeles, Orange, Riverside, and San Bernardino Counties. Enjoy pickups from Rancho Cucamonga, Upland, Ontario, and more for a stress-free airport journey.
Discover Dubai in style with our luxurious stretch limousines. Experience opulent travel, whether for special occasions, city tours, or airport transfers. Elevate your Dubai experience with our premium stretch limousine service.
Discover the finest in group travel with our Luxury Van Rental Dubai service. Ideal for events, conferences, or city tours, we offer Dubai Luxury Group Transport with the elegance of Executive Van Service Dubai. Choose Private Van Rental Dubai and indulge in a premium ride through VIP Van Hire Dubai.
Make every journey memorable with our Van Hire Dubai service. Our fleet accommodates Group Van Hire Dubai, offering both Daily Van Hire Dubai and Chauffeur Van Hire Dubai options. Enjoy seamless rides backed by Dubai’s most dependable Dubai Van Rental Services provider.
Experience luxury like never before with Rolls Royce Taxi Dubai. Whether it’s for weddings, airport rides, or business, our Chauffeur Taxi Rolls Royce Dubai offers premium travel. Book a Rolls Royce Taxi Hire in Dubai today and enjoy a truly Luxury Taxi Dubai Rolls Royce journey.
Experience prestige with Rolls Royce Chauffeur Dubai – ideal for VIP Transfer Dubai and personalized Dubai VIP Taxi Service. With seamless Dubai Airport VIP Taxi access and top-tier VIP Car Transfer Dubai, indulge in the Luxury VIP Transfer Dubai standard with our discreet and professional VIP Chauffeur Service Dubai.
Nassau Airport to Atlantis – We’re excited to be able to provide professional transportation services from Nassau Airport to Atlantis and Paradise Island!
Airporttransfernassau.com is the place to find Nassau Airport to Rosewood Baha Mar transportation and rates. We offer safe, reliable, and professional transportation services from Nassau Airport to Rosewood Baha Mar for all your needs
our prices are affordable compare to other reputable transportation service providers in Bahamas to offer you the best service at most competitive rates
Relax with Nassau Bahamas Transportation, offering private driver Nassau Bahamas and easy Nassau Bahamas airport to hotel transport. We deliver smooth island-wide transport Nassau Bahamas and top-rated transportation services in Nassau Bahamas.
Explore premium motor coach services in Maryland and Washington DC with this esteemed company. As a leading motor coach provider nearby, they excel in delivering reliable transportation solutions for groups, ensuring a seamless and comfortable travel experience.
Experience top-notch bus service in Annapolis, Maryland, with us. We provide charter bus service Annapolis Maryland for any occasion, efficient shuttle bus services Annapolis, and reliable group transportation Annapolis, plus motor coach bus rental Annapolis, wedding transportation Annapolis, and convenient airport transfer Annapolis.
Get ready to party with our Bachelor Party Bus Miami. The ultimate ride, our Bachelor Party Limo Bus Miami is decked out with lights, music, and more. Book now for reliable Miami Bachelor Party Transportation and a stylish, safe journey with our Bachelor Party Bus Rental Miami options.
Celebrate your prom in grand style with our Prom Party Bus Miami. Whether you want to Rent Party Bus for Prom Miami or indulge in a luxury Miami Prom Limo Bus, we’ve got you covered. Our Prom Limousine Service Miami ensures safe, memorable, and glamorous rides on your big night.
Go big for your bachelor bash with our Bachelor party bus Miami. Cruise the city with Miami party bus rentals, Miami charter bus rentals, or sprinter van rental Miami. Add glamour with limousine service Miami or prom limo Miami, and trust us for luxury party bus Miami and Miami wedding limo service.
Celebrate in style with Party Bus Miami! Perfect for events like birthday party bus Miami rides, exciting kids party bus Miami outings, unforgettable nights on a Miami Beach party bus, or thrilling rides in a party bus with pole Miami. Don’t miss the elegance and fun of a prom party bus Miami adventure!
Turn your celebrations into unforgettable moments with Party Bus Miami. Offering Miami Party Bus Rentals for weddings, proms, and birthdays, we ensure comfort and luxury. Book your Bachelor Party Bus Miami Rental today.
Turn your special event into an unforgettable experience with Miami Party Bus Rentals. Our luxury buses cater to weddings, proms, and birthdays, offering affordable rates and exceptional service. Book your Miami Prom Night Party Bus or Wedding Bus today!
Dance the night away with Miami Nightlife Party Bus services! Our luxurious fleet is perfect for a Girls’ Night Out Party Bus, bachelor parties, or weddings. Trust the Best Party Bus Rentals Miami for fun-filled, stylish celebrations.
Dubai Hummer Limo are professional full services transportation company and we are the best in ajman ,sharjah and Dubai for party, city tour etc…