Monday, November 21, 2016



Today almost the entire population of the country has at least a peripheral knowledge of how the economy works, the respective roles of the common man, the middle classes,the rich, the super rich, the tax payer  and the tax dodger. They also have a knowledge of the roles of the Banks, the Co-Operative Banks, the unorganized finance sectors like ponzi schemes, chit funds, the Co-operative sectors, the unregistered NGOs etc., Most of them understand the benefits of banking instead of dealing with cash. They know how terrorists operate and how their activities suddenly stopped. They understand the vicious campaign being run by the vested interests like the Media and Political parties.  They understand the role the Judiciary is playing in this muddle. They are cool. They are suffering but are compromising psychologically that the move to demonetize is in the best interests of the country. They are not much bothered whether only 5% of the money in circulation is black or it  is 95%. They think that even a Rs.1000//-  of unaccounted money that is going out of the system will help in the cleaning process. They are not saying, "Why should I undergo the pain for just Rs.1000/- of black money?" Instead, they are of the opinion that when termite enters the house, it is essential to  spray pesticide, though it is smelling horribly. He is ready to bear the pungent smell to rid the house of the termite, till the last egg is destroyed. He is not thinking, "The termite will, anyhow, be reappearing and why I should spray the pesticide and bear the pungent smell or vacate the house temporarily?" That is the common sense of the common man.

But a few, their  number increasing like cockroaches in the houses, armchair columnists lack this basic common sense and they are trying to spread panic among the public with their specious arguments and skepticism inherited from the opposition Congress, TMC, AAP etc.One such arm chair columnist, Subhod Verma, presented the stupidest arguments in his column today and the Times of India thoughtlessly, not only published it but made it the Head Line in its On-Line edition. I will not stoop to the level of these stupid guys by saying they hold black money but they certainly hold black thoughts.

Let me analyze his column and show how stupid his arguments are. He starts on a negative note, "With  cash starved  12 days gone". This guy does not understand the basic fact that as each day passes the cash is flowing into the system and queues near the banks are thinning by the day. The other day it took me just 5 minutes to exchange my quota of old notes. The only section that is worried and sending huge number of people to stand in the queues are those who stashed unaccounted money. So in most places especially in Metros like Delhi queues are artificial. There is a possibility that few political parties are sending their cadre to stand in queues to aggravate the inconvenience of genuine common citizens. Media wants to see the other way in such cases of delinquencies. 

He says the black money is anywhere between 27 to 90 lakh crores. And asks, "Is it all going to be unearthed by the Demonetization?"  A stupid question. These same guys questioned the Swatch Bharat initiative "Will sweeping with a broom make India clean?"  Today you rarely find a school going, college going kid throwing garbage on the roads. The transition will be slow and any reform is aimed at making the next generation happy. This guy should have known better that along with Demonetization other steps will be taken up to cleanse the system and no reformer hurries through decisions. 

He says

"No, it can't — because not all of this is in cash. According to various past government reports, black money exists in the form of different kinds of assets like benami properties, bullion, shares etc. Then there is one component stashed away in foreign tax havens. Only a fraction of the total black money is hoarded as cash."

Another stupid argument by this skeptic. Benami properties will come out once the origin of unaccounted money is traced. For that the demonetization helps. Likewise the purchase and sale of bullion can be traced once the whole cash transactions above a certain limit are prohibited. It will not be difficult to trace the hoarded bullion. Is the Government so stupid as these armchair columnists?  Same logic applies to shares. He might have  lost sight of the fact that the black money stashed abroad is being religiously traced by the SIT under SC supervision and already amount was recovered substantially. 

He says an optimum of Rs.6.5 lakh crore can be unearthed in this process and asks "Is so much pain necessary to get such small amount?' While it is not a small amount, he should have known that it is not the amount of  unaccounted money but the origin of such money that is being targeted. Once the  origins are known it is easy to plug their routes and get information about more unaccounted money. This guy thinks that after 30th December the Government will go into Coma again. He is not to be faulted. He saw only Congress Governments and tuned his brains to Rahul's way of thinking. It is going to be a continuous haunt and Government is going to see the end point of the sources. This guy should wake up to the reality of today and not live in 1975, the emergency days or period after that when nothing moved in the country.

The stupidest of the stupid arguments that he advanced was about the counterfeit currency in the hands of terrorists, Maoists etc., He says it is roughly Rs.400 crores and asks "Should we risk the pain just for this?" While I differ with him on the figure, it  is worth to risk a few days than to die mercilessly in the hands of terrorists and Maoists. This money is being used to buy arms and train in-house terrorists. Does this guy  want that? There are reports that suddenly calm descended on J&K. Does he not want that or does he want the mayhem and stone pelting continue for generations? Can there  be more stupidity than this? 

Next comes the nincompoop argument. He says this peace remains only until the counterfeiters again print fake currency. This guy does have more confidence in counterfeiters than in the Government that works as per a system. Sixty years of rule  by counterfeit rulers jaundiced his view. Or is he a piece from the same cloth? 

All said and done it goes to the credit of News Papers like The Times of India to spread false and malicious rumors and wrong opinions on such a massive clean up operation. 

And he head lines it "

Queues of pain for tiny gain on black money?

Another Stupidity!