Banks
will remain closed for three days. At
many places ATMs are closed due to cash crunch.
It seems the cash crunch is partly artificial. Most of the new currency notes released by
Reserve Bank of India are not reaching to the last destination. Approximately Rs 4 lakh crore new cash is in
circulation along with old one. Now the
question is where is the cash? It is
likely that before it reaches in the hand of common man of Mr R. K. Lakshaman part
of it got lost in thin air. The probable
destination is money hoarder, hawala marketer, smuggler, politician, black
money generator. Definitely, the bankers
had played major role in hand in glove deal.
To search out the currency is likely finding needle in hay stack. Non-availability of cash has suspended
operations in tea garden of West Bengal.
The
Human Resource Development ministry has issued circular to central
Univercities, IITs, IIMs etc regarding participation in cashless mission. It is mandatory on the part of faculty and
students to propagate advantages of cashless transaction to people and for that
marks will be allotted. Opposition is criticizing
the issue. There is spurt in cashless
transaction mission and neck throat competition noticed between varied
companies. Open any channel within a
minute you will find e-payment advertisement.
Government is going to promote digital transactions in association with
NITI aayog by announcing weekly and quarterly lucky draws. The scheme would initiate e-money in public
of lower strata. So government is
working on many fronts to bridge the gap between urban and rural masses. The state government is promoting digital
economy using its resources. The
Maharashtra state is rising the force of two lakh volunteers to study
individual sector at rural and urban area and suggest ways and means to align
with a cashless economy. The target is
50% cashless transactions within a span of a year.
Income
Tax department is suspecting 1% account holders have deposited black
money. They will have to scrutinize
around 40 lack accounts. Total strength
of IT department is 8000 of which only half staff will be available for
scrutiny. How to complete gigantic task within
stipulated time is a big problem. The
capacity of IT department is hardly three lakh cases in a year. Innovative approach - especially computer
programming for data analysis – is needed for careful selection of suspicious cases. Government has issued directives to IT
officials to avoid undue harassment to general public in view of reopening of
past assessments and ensure necessary and strict compliance.
Demonetization
has derailed the robust economy, said Mamta Banerjee, West Bengal CM while
squarely attacking PM move on e-economy.
Prime Minister while addressing party workers of Gujarat state asked them
to promote digital transactions policy to help bring people under cashless
economy in a bid to curb corruption. The
observations made by P. Chidambaram as usual are half true. He said “Banks run out of cash within a few
hours of opening and most ATMs are dry.
All major markets remained closed.
Retail business is down by 80%.
Millions of people have been deprived of their daily wages”. Some hiccup is there otherwise things are
smooth if you take stock of the entire country.
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