DEMONETIZATION -IMPACT ON RURAL POOR

DEMONETIZATION -IMPACT ON RURAL POOR 

It is reliably learnt that black money in big way is finding it's way to rural areas and urban slums and testing temporary shelter in poor people's bank accounts.

It is observed that the people who made big in business coming from these sections still has strong routes and operate through informal system of cycling.

The modus operandi include networking, throwing lavish parties, bankers cooperation etc.

The incidences include collecting all passbooks, signed withdrawal slips, interest free loans commitment, release of gold from banks, promisory note, blank agreements and what not.

I had come across bankers accepting cash without account holder presence or signature, not asking for proof of funds, accepting more than 50000 without PAN.

I was given to understand that there are syndicates pooling old currency at discounted rate upto 40% and putting the same in green pastures. 

It is evident from the fact that banks in urban areas are not getting old notes deposits as expected and rural banking increased manifold 

It is impossible for the system to control withdrawals without proofs of source and if system is strict there will be lot of unrest particularly in poor people's livelihoods.

I again reinstate that prevention is always better than cure and government should have prevented these spurious deals preempting them.

NOW BALL IS IN GOVERNMENT COURT. LET US SEE WHETHER THEY HIT SIXER , FOUR, TWO OR CLEAN BOWLED.

BGR