The editorial page article, “White is the new black” (Nov.17), fails to highlight the positive and long-term benefits of demonetisation to the Indian economy. The quantum of black money was so enormous that it had created a parallel economy, making monetary policy ineffective. Black money acts as a conduit for terror funding, economic offences, drug peddling, and other illegal activities. We needed shock therapy to deal with the problem. The present turbulent phase is only transitory but will be beneficial in the long run.
Joseph Abraham,
Gurugram
The dark reality is that the money hoarders have found an escape route. There are already incidences of a spurt in the sale of gold. Also, many of those with black money are making those employed under them deposit it in their ‘Jan-Dhan’ accounts. These activities need to be checked.
Also, the move is likely to promote plastic money but the big question here is: How confident are we about cybersecurity after the recent breach that resulted in the security of nearly 3.2 million debit cards being possibly compromised? These aspects need attention.
Nonetheless, demonetisation is a positive measure that will help in wiping out black money and fake currency, curbing terror funding. The Opposition’s demand for a rollback is absurd. Had it truly cared so much about the poor people, it would have demanded a smoother conduct of the overall demonetisation process.
Rimjhim Singh,
Delhi
The government should utilise the services of employees in revenue, police and education departments and open counters in educational institutions in our country to enable quicker distribution of cash. The government can adopt the approach it resorts to while conducting general elections every five years by having more channels of distribution. The issues faced by the daily wage labourers can be tackled better this way.
Narasimha Charyulu Gomatam,
Markapuram, Andhra Pradesh
Prime Minister Narendra Modi has drained the entire pond of water to catch a handful of fish. The result is a massive drought. ‘Modinomics’ does not target a Lalit Modi or a Vijay Mallya but it conducts a surgical strike on the poor and the middle class people. Black money is used to fund political parties, nourish real estate businesses and keep the coffers of private schools and hospitals awash with cash. However, the government chooses to attack poor people, those in dhoti and pyjama, and spares the unscrupulously wealthy, those with offshore accounts in Panama!
Sanjay K. Bissoyi,
Nabarangpur, Odisha
