NDA government and Prime Minister Narendra Modi deserve the credit for ushering in an era when people will even fear to dream of siphoning off money without paying taxes. Everybody welcomes the decision and stands by with the government’s initiative towards demonetization of Rupees 500 & 1000 notes. But, black money holders are definitely not coming to banks or depositing their money. They must be looking for other alternatives.
It’s the common people who are bearing the brunt. Well, no rational citizen is questioning the move of the government – it’s perfect and effective too. Yet, lots of things should have been kept in mind to ensure its proper implementation, and no hardships to masses and small traders and those who are in the unorganized sector.
Top 7 Reasons Why Demonetization is Hurting People
It’s alright the government wanted to maintain secrecy and didn’t want to give any time to cheaters to convert their black money into white, but the authority should have been more cautious about the aftereffects of banning notes of 500 & 1000 INR or OHDs (Old Notes of High Denominations).
1) Operating Multiple Counters at Bank: No matter, what the government says or the RBI has directed the banks to do – most private and public sectors banks still operate with just 1 or 2 counters to manage cash transactions. It certainly makes the situation more chaotic and inviting more trouble for the common people who stand in long queues just to get a few notes to run their day-to-day transactions.
2) No Cashless Medical Treatment: A large section of the people is still unaware of cashless medical treatment in India. The government must create awareness among the people regarding how to avail Medical treatment without paying cash in order to meet a medical emergency. It’s necessary for the people to medically insure themselves, and the government must spread the word. Something that President Obama did with the ‘Obamacare’ in the US.
3) Essential Service Hit Hard: Once the news of demonetization of OHDs in the form of 500 and 1000 INR went viral, the essential services have been badly hit. In some railway stations, the rail staffs are not accepting these notes; also even crematoria are not taking these notes for the completion of last rights of near and dear ones! Nothing can be more saddening than this!
4) The Arrogance of Private Hospitals: Health is a medical emergency, and it is still inexplicable that on what basis the government has included private hospitals within the ambit of this decision. Does anyone really believe that quality of medical treatment at government hospitals is so good that people will rush there with notes of 500/ 1000 in time of medical emergency?
5) No Separate Queue for Senior citizens/ Women: Strangely enough, while proceeding with the implementation of the plan the banks didn’t spare a thought of putting a separate line for senior citizens and women. It makes the situation utterly chaotic as humongous amount of people throng to bank branches standing in the same queues. The recent report of the unfortunate deaths of two men while standing in bank queues for hours together just gives the hint of how the situation is.
6) ATMs Out of Service: Even after three days of big demonetization announcement, most ATMs are still running out of service. What is the authority doing? Playing with money is a sensitive issue as people’s lives are directly related to it. People are even running from one ATM to another to withdraw cash and buy things of their daily needs. The government must ensure that these ATMs (Automated Teller Machine) are replenished with money and required funds at the earliest. It’s okay if these machines can’t dispense notes of high denomination such as the new 500 & 2000 INR, but these machines must dispense 100 notes without fail.
Demonetization is Okay. Let’s Make People Aware of Existing Taxation Laws
7) Tax Awareness: India is predominantly an agriculture-based country. Around 60-percent of its workforce is still engaged in this sector. Obviously, it’s quite common that many people are still ignorant about the taxation laws and regulation prevailing in the country. The government should walk the extra mile to raise the awareness of the people regarding taxation laws and income tax regulation prevailing in the country because many people are still employed at the unorganized sectors.
Hope the government will pay heed to people’s request, and issue necessary guidelines to banks to handle the situation in a better and systematic manner. If banks require more personnel they must hire extra employees at least on a temporary basis until the situation improves.
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