Right from the time that Indian Prime Minister Mr Modi announced the decision of demonetisation of high currency notes of Rs 500 and 1000, there has been criticism from many quarters especially politicians of the opposition parties, many learned economists, people who have been hit by the financial cleanliness drive, hoarders, black marketeers and so on. All the opposition parties have ganged up and not allowed the parliament to function. At the grass root level a common man has been put to some inconvenience and it is quite understandable considering the magnitude of the problem along with the installation of a new financial system.
I see some people adopt various means to convert their black money to the new currency using ingenious and multifarious means like depositing old currency cash up to the prescribed limit into the account of poor people with the intention of later converting into new currency gradually with of course some commission to be paid to their stooges. We also hear about other methods like buying gold with old currency at inflated rates, underhand dealings with public utility services like State Electricity and water departments, public transport companies, Government Hospitals, gas stations, Railway counters and Airports as these Public utility services were allowed to accept old currency up to certain dates. The aim of the Government was to facilitate a common citizen for certain emergency services but even these avenues have been very skilfully exploited to convert the old currency into new by some enterprising people with the help of corrupt officials. Even some bank officials are known to be conniving with such elements. This has resulted in a big cash currency at the banks and ATMs leading to long lines and discomfort to the common man. The Government is daily making mid course corrections to correct the financial situation and at the same time bringing in measures to stop any malpractices. Recently the Government has announced relief for those having unexplained wealth to come clean and pay 50% as tax with 25% as lock in amount to make their money white. However it appears that the Corrupt are one step ahead. On top of it these unscrupulous elements are constantly criticising Mr Modi and the Government and forecasting the onset of doomsday for the country.
I have no political affiliations like many other Indians who genuinely feel that any step to curb black money and corruption is good for the nation and long term development. Small inconvenience is just a temporary phase and will get resolved soon. I also feel that it is not only the duty of PM and the Government alone to crusade against corruption and each one of us must contribute to this phenomenon. To begin with let us stop ridiculing and being cynic to the sincere efforts of a Man who is trying to clean the accumulated dirt of last many years. We all know that Japan had risen from the death and destruction of Nuclear strike and today is one of most advanced countries of the world as her citizens worked relentlessly and without being selfish.
I feel that Problem with Indian society is that we are extremely selfish and resist any change. We keep our interest the foremost and before the interest of the society and the country. Let us change this attitude and think about the country first. Most Indians love their country and a motivation in this regard would make a major change. Why leave it to one Man, let us all contribute in the development of our nations. There are small things that each one of us can conveniently do such as;
1. Take recourse to digital transactions to the extent possible and teach/motivate others to do it so that we can move towards a cashless society.
2. Let us pledge not to undertake property purchases part in cheques and part in cash as it leads to black money. Let all sale/ purchase transactions be by cheque. Yes, we might have to pay excess Registration fee and in certain cases Long term Capital Gain taxes to the Government ( which can be reduced by proper tax planning like buying infrastructure bonds). Such revenue and deposits would go towards building of infrastructure by the government which would eventually lead to development.
3. Let us pay our taxes truthfully, we can always reduce our taxes by proper planning and investing in certain tax saving instruments.
4. Let us force all shopkeepers to give us bill for our purchases as by not doing so they are avoiding paying taxes to the State.
5. Let us cut out wasteful expenditure on our social and religious functions.
6. Let each one of us refuse to pay any Capitation fee to any educational institutions for admission of our wards, let our kids compete on merit and not take admission on the basis of underhand premium fee.
7. Let each one of us refuse to pay any convenience fee ( bribe) for getting their jobs done from public officials.
8. Let us impress upon our children on the need for hard work, sincerity, livelihood by fair means and respect for the country and society as our home is the first and the best learning place.
May we aim towards being honest and just people to be able to enjoy a sound sleep during the night and May God help India to become a strong and developed nation.