Demonetization v/s inefficiency of system…….
It is a bit of cold and usual Sunday in the New Delhi. I have been looking for a cash to fill in my much starved vallet.
Since 6 pm till almost 8 PM, I visited at least 17 ATMs to withdraw cash in South Delhi's Saket arena. And quiet to my surprise shockingly all these ATMs were unable to dispense anything.
This is the current scenario through out the country. Although, I have been a great supporter demonetization of rupees 1000 and 500 currency since demonetization's institutionalisation.
Without any doubts, it has ushered many benefits to the nation. It has instantly choked up black money, a chronic economic disease which we as a nation have been suffering since ages. Results into India’s many Pablo Escobar's black money gets into no more value, suddenly. Even garbage have some value but their money have no value.Corruption, the deeply rooted phenomenon comes to a still by demonetization. We have been witnessing economic terrorism of counterfeit currency. A lot of fake currency had been in cash circulation fading over real one. Demonetization has and will surely helped Indian economy to get rid of act of counterfeiting to stabilize and strengthen nation.
Though this has come along with the cost. The cost is in the form of massive impact on GDP, drop in production of goods and services, temporary hold on purchasing power, drastic changes in behavioral economics of netizen, increase in unemployment, less demand and shortage of cash into economic circulation.
The cost of demonetization is justifiable keeping in view of national interest. And off course it's was the bold and courageous decision by government.
Like any medicine, which cures the disease has some side effects too. But medicine administered to cure body. Surely demonetization will benefit all of us in longer run.
But the point that here is 'does our financial and banking system are efficient enough?” The answer in my opinion NO.
It's been almost 3 months passed, still our system has not learned and evolved to serve as per demand. Systems are inappropriate and inadequate to work in economic emergencies.
It is annoying to see glitches in the system. We are the world's largest democracy. We have lot of many things which distinguishes us from rest of the world. Our banking and financial systems implement and adopt as per the requirements of changing scenario.
Time has come to learn and loosen the liturgies. Demonetization is not taking its toll but the inefficiency of financial system.
But the point that here is 'does our financial and banking system are efficient enough?” The answer in my opinion NO.
It's been almost 3 months passed, still our system has not learned and evolved to serve as per demand. Systems are inappropriate and inadequate to work in economic emergencies.
It is annoying to see glitches in the system. We are the world's largest democracy. We have lot of many things which distinguishes us from rest of the world. Our banking and financial systems implement and adopt as per the requirements of changing scenario.
Time has come to learn and loosen the liturgies. Demonetization is not taking its toll but the inefficiency of financial system.
