😠 50 Days Of Demonetization | Sabse Boda Failure | Planning, Management & Execution Failure |   #9
Channel: Team India : Raise Your Voice
Date: 29/12/2016

Over 150 DEATHs reported in the long bank queues....

 "It is disheartening that Prime Minister Narendra Modi has not uttered a word on over 150 deaths reported in the long bank queues while withdrawing/depositing money. In fact, the number of those who died at their homes and hospitals is higher than those in the queues," said Nikhil Dey of Mazdoor Kisan Shakti Sangathan (MKSS). The Jansunwai was attended by people from 12 districts and saw representation from many other states. 

Queues at banks and ATM kiosks are shrinking and digital payment modes are spreading, but the 50 days of pain from the shock recall of two high-value banknotes is set to linger into the new year, experts warned on Wednesday.

Prime Minister Narendra Modi, after announcing the demonetisation drive on November 8, had cautioned that people would face temporary hardship and sought their cooperation: “...help me for 50 days and I will give you the India you desired.”

But don’t expect to wake up on Thursday, the 51st day of the announcement, for the situation to be back to pre-demonetisation times, said experts and bank officials.

“Though the situation has improved, the cash crunch will continue for some more time ... it is expected to normalise in the second half of January,” said Soumya Kanti Ghosh, the chief economic adviser of the State Bank of India.

Even then, the normality is expected to return incrementally as limits on cash withdrawal could continue till banks are comfortable with lifting the restrictions.

Read | Note ban not enough: Corruption in India is like water, it finds a way

The government promised to restore normality by December 30, when a deadline to deposit defunct notes expires. But uncertainty and confusion continues even 50 days after 500- and 1,000-rupee notes were scrapped in an attempt to curb tax evasion and counterfeiting.

The drive enjoyed popular support at first but public patience wore thin as the continuing cash crunch forced millions to queue at banks and ATMs for hours to draw money. Sources said only about 60% of the more than 200,000 ATMs in the country were working as of Wednesday.

Bankers expect chaos in the coming payday as well because of shortage of new notes. Of the 560 million people working in factories in India, a mere 10% is in the organised sector, where salaries are transferred electronically into bank accounts.

Cash withdrawal limits have not been raised or withdrawn. While Rs 15 lakh crore has been sucked out of the system, only about Rs 6.5 lakh crore has come in, leading to a demand-supply mismatch.

Taking a dig at Prime Minister Narendra Modi over demonetisation, the Congress Party on Tuesday said the problems being faced by the people will not end in “100 or 150 days, forget 50 days” as promised by the former. “The whole nation knows who is misleading. In fact, the whole world knows who is misleading, we, or Prime Minister Modi. I am sure that the way they have implemented this wrong policy, this whole crisis will not be solved in another 100 or 150 days, forget 50 days,” senior Congress leader Ghulam Nabi Azad said.
“By bringing this one policy, the Prime Minister has destroyed the entire nation. I don’t know what other policies they are going to implement,” he added.

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