Three years on since India gifted its people with the greatest economic blunder, the blunder which has been haunting the people as the scar that can't be rubbed, that can't be wiped off from the minds and hearts of the people as it surely wasn't filled with daydream but with nightmare and darkness.
Three years ago on this day, Indian people were about to call off the day and relaxing in the homes without knowing that they are on the verge of marking sleepless and hopeless nightmare that was unleashed by the Indian government. 'Demonetization' the term that wasn't known for many across the nation before three years has now become a hot topic across the world as an example of one of the biggest economic blunders that hit the world. On November 8th, 2016 at 8.15 pm, Indian Prime Minister Narendra Modi was live in an unscheduled national address in which he made one of the important and surprising announcements since Indian Independence where he announced that all the existing currency notes of Rs 500 and Rs 1000 would no longer be in legal tender from the midnight and he asserted that new currency notes would be issued to replace the demonetized currency notes. While the people left with shock waves after hearing his speech, he claimed that the action would unfold the screens of the black money economy and will reduce the circulation of illicit and counterfeit notes which were funding the terrorism.
By having stunned with the announcements and by having no clear understanding about what's next, people across the country had stormed to the nearby ATMs and stayed in the queue along with thousands with the hope of changing the currency notes to live their daily life but no hope had accompanied them during the disastrous hours, days, months as they were highly panicked and disturbed about the damages made by the ill reform, which vastly created significant disruption throughout the economy and the people. Left with no hope, most of the people camped in front of the banks and ATMs by quitting from their jobs to withdraw the money to meet the daily and urgent requirements.
During the unrest and uncertainty, Narendra Modi had pleaded the people to tolerate the pain as Demonetization would expose the black money and he proclaimed that the people can hang him to death if the reformation fails. For many decades, people have admitted that the prevalence of the black money has been causing major hindrance of the economy and while Modi had claimed that Demonetization would smoke off the black money, most of them welcomed initially but the reality is, rather unearthing the black money, it buried the hope of the people.
The later days had resulted in the deaths of about a hundred people in the country who died due to hot weather while standing before ATM's, died due to severe stampedes and died due to unprecedented loss to meet their daily expenses and to run their businesses. Despite being trapped with no way, they stood before banks and ATMs to exchange the notes for multiple straight hours in a day and all of their efforts, struggles, sacrifices, and pains went unanswered and their hopes were busted when Reserve Bank of India had released the report in 2018 which clearly shown that about 99.3% of demonetized banknotes were deposited in the banks and while government has claimed that more than lakhs of crores black money have been resting in the country through high-value notes, the RBI had indicated that only about Rs 10,720 crore were left undeposited which had revealed the real failure of the reformation that falsified the claims of the government.
Adding in the line of failure, the Central government had neither admitted nor addressed the people for committing the economic blunder and on one hand when the people were under major chaos and crisis in replacing the newer notes with the older ones, the business tycoons, politicians and the people close to the political parties were silently camping the exorbitant amount of new notes that were allegedly paid to them through the banks. They were rained with crores and crores of new currency notes while the hopes of the people were ruined by the government. One of such example is Sekar Reddy, the mining baron in Tamil Nadu, who was accused of housing Rs 34 crores of new Rs 2000 denomination notes which were exposed during IT raids.
Even though it was three years since the failed Demonetization was announced, it still has the rampant face and uncertain impacts among the common people who have been busting the hopes and resources for the blunder committed by the government. There are hundreds of businesses and companies that have shuttered down its operations which had led to huge unemployment, huge devastations, and disasters not for the wealthy but for the needy, not for the fruit but for the root of the country.
Demonetization is the demon not for the black money but for the common people that had ruined their lives. It had written new chapters for the darkest side of the Indian economy that not yet revived and remedied. Reformation is inevitable for the change, for the meaning change and these ill reformations, odd theories, and unmatured implementations will in no way cement the platform for the strongest economy. Demonetization is such an ill reformation that was arrowed to demean the people and the economy.