The government has been crying hoarse over it and not without reason. At least so it appears in this light.
This also is a proof enough if proof is needed that some bank officials in their desire to become lakhpati overnight are working hands-in-glove with businessmen and others who want to cash-in on the scheme which is ultimately aimed at digitization of the country.
There is another point to ponder in this regard.Total currency notes in circulation before demonetisation was of the order of about Rs 17.5 lakh crores. This included low-domination notes of 50 rupees value and below. These notes constituted 16 per cent of the total notes in circulation. These notes were not banned and continue to be in circulation.
Notes of the value of Rs 500 and Rs 1000 were banned which accounted for 84 per cent of the circulation. These notes totalled Rs 14.5 lakh crores. Banned notes to the tune of Rs two to three lakhs crores are unlikely to be returned. Thus, the government has to worry about only Rs 11.5 to 12.5 lakh crores.
So far the central bank has released additional Rs five lakh crores of high value notes. In addition, low-value notes of Rs three lakh crores are already in circulation, raising the total to Rs eight lakh crores. Some financial experts believe that the market requires between Rs eight to ten lakh crores. So, the gap is not as alarming as being made out to be.
Besides, the bank proposes to print additional low-domination notes-- of the value of Re 1 to Rs 20-- next month which will improve the availability further. In the light of all this, one can draw only two conclusions: one, the cash-crunch is not as serious and, two, more than the government the people are to blame for whatever shortage is there .
While those who only see the darker side of anything new have one complaint or the other against the denomination, there are people in the country who have no complaints and who have learnt to live any situation good or bad.
Uttar Pradesh is considered a Bemaru state but it is one of the few states that have behaved differently Instead of kicking dust over the demonetisation and calling it joy-killer , some people in the state have found ways to enjoy marriages even during the note-shortage. Two cases stand out.
One such case was reported from a village in Fatehpur Sikri district and another from Gautam Budh Nagar district. While in the first instance no cash was given during the marriage, in the other only Rs eleven was given to the bridegroom as a gift. Those who attended the marriages were only offered tea. Still they had no complaint to make.
Prime Minister Narendra Modi may be game -spoiler for Congress vice-president Rahul Gandhi but for these families and some others he is a saviour. He has saved if not lakhs at least thousands of rupees which would have gone into these marriages.