DEMONETISATION – AB THO BATAO MODI JI.....ACHE DIN KAB AAYENGE?

DEMONETISATION – AB THO BATAO MODI JI.....ACHE DIN KAB AAYENGE?

While PM was addressing the nation and announced demonetization of higher denomination currency on 08.09.2016, we were having dinner in a hotel with a very close family came from Delhi. Like any other law abiding citizens, we all welcomed the move and felt that it is a historic day in Indian history. 

Our friend wanted to clear the bills in cash and approached the counter and they refused to accept the higher denomination notes. With great difficulty we could convince them to accept cash. Next worry was payment for early morning taxi to airport.

At present my better half is on USA visit to spend some time with children, I am compelled to hold petty cash on daily basis to meet food and other expenses.  I searched for small denomination currency and could gather about Rs.400/- in change & another Rs.700/- notes. Till that moment it was neglected and suddenly became precious. As I was heading for village stay for next 3 to 4 days, went to bank to pick up some notes and was unsuccessful.  I tried paying Rs.500/- notes for lunch, toll etc and met with no success and spent about Rs.600/- and left with another Rs.500/- small currency. I felt it is even more precious.

I could exchange about Rs.30, 000/- high denomination notes into Rs.100/- bundles in our village using local influence, up course keeping the existing banking norms in vogue. For a while I felt eased and more secure for coming next 20 to 30 days. Next couple of days I was involved more with agricultural operations and understood the difficulties faced by farmers in terms of labour payments, input purchases etc and I gave entire Rs.30,000/- to meet farming expenses. I started back to Hyderabad with Rs.500/- small notes and spent bare minimum to ensure that I am left with maximum of the minimum ever I had in my possession.

Next day I was very eager to visit the bank to improve my liquidity position. To avoid long queues I preferred to bank at fag end of the closing hours and I found the door was locked and guarded. Being a preferred customer I gained entry and shocked to know that they welcome only deposits and not cash exchange. I was allowed to withdraw Rs.10, 000 (5 notes of Rs.2000/-) and informed that smaller denomination not available.

As a policy I mostly prefer to eat in small hotels and make cash purchases of fruits, vegetables, Pani Puri etc and feel that cash purchases help the lower strata of the economy.  Next few days I tried buying goods with Rs2000/- notes and met with no success. I cut on my expenditure by shifting from eating out to cooking, dhobi to pressing at home, postponing haircut and felt that these changes in lifestyle are good for health. My friend’s son who is new to Hyderabad and on IT job expressed his futile attempts to withdraw cash from ATMs in hitec city area and I felt very happy to extend help by giving Rs.2000 note. Later I came to know that he could exchange it with some lobbying in his office canteen.

I went to bank on 19.11.2016 (Saturday) to withdraw some cash. Though it was declared as exclusive banking day for senior citizens to exchange cash, I found a notice stating that no cash available. With privileged customer status I was given one bundle of Rs.100 notes and was asked to conceal them till I leave bank premises. It was a very different and uncomfortable feeling (withdrawing my own funds & hiding them as a thief).

20.11.2016 (Sunday) was a special day with sufficient tradable currency in hand. Morning breakfast, followed by fruits and vegetables, other consumables, movie, dinner all cash purchases with satisfaction of putting some real tradable currency in circulation. At the same time it is really painful to see that none of the places visited which include malls, Hyderabad famous biryani point, multiplex are not accepting Rs.500,1000 notes, few not even plastic currency,  even though they are officially tradable currency till 24.11.2016.

On 21.11.2016 at our work place one of the labour contractor requested for some emergency support to meet their food needs. He was willing to take Rs.500/- notes and on further probing expressed that shops are accepting them on discounted rate (90% realization). I was not willing to put him to loss and tried to extend him Rs.100/- notes, but not carrying enough due to space constraint in wallet. I extended Rs.2000/- note, which he happily accepted and informed that he has no problems in trading with 2000 note towards purchase of rice bag. I am very happy, as my Rs.2000/- note also gone as extended help. While coming back home I stopped at Jubilee Hills along with a friend of mine to have Pani puri and came to know that his usual business of Rs.3000/- a day came down by 50% .

My friend’s family from Delhi, farmers, software professionals, hoteliers, vegetable vendors, small contractors, Pani Puri wala and many more who were part of my supply/delivery chain in last 15 days are suffering in some form or other in meeting their daily essential needs with ease and comfort. May be except for very few vested interest groups, everyone in our country is put to some inconvenience.

I am confident in saying that entire nation irrespective of socio-political affiliations is with you in this “MISSION BLACK CURRENCY”. With the incidents happening, few physical transactions observed, suspensions are growing in public mind about the implementation of well meaning decision.  It is your responsibility to take stock of situation, initiate damage control, take some real tough decisions without compromise and being apolitical and gain public confidence.

We cannot offer to loose or go back on the decisions taken. Trillions of people are looking at you with hope that “ ACHE DIN ANEWALA HI”.

B G Reddy – 9866889246

grbonthu@gmail.com