Friday, 11 November 2016

Demonetisation Drive, will it backfire?

Usually whenever I put anything on my Facebook wall, it is flooded with likes and comments! Yesterday when I declared a cash prize on finding a politician, bureaucrat, celebrity, cricketer or a top notch businessman standing at the long queues in banks for exchanging their currencies;  as expected, the comment box went empty. This demonetisation drive hasn't affected, whom I call, drivers of this country. But it has surely made a huge hole in their pockets. What I have learnt in these past couple of days, the whole demonisation drive, will only hamper our politicians and bureaucrats. Actors especially producers & the businessmen are any which ways the scared species of the lot due to the threat of presence of the underworld even today. So 95% of all transactions happening in Bollywood today is white. Cricketers make money, but even their 90% of the income, even thought from the brands they advertise for, comes in the accounts. That leaves us with abundance of black money in the economy that belongs to the politicians and bureaucrats. But then why didn't we see them in the queue's at the banks? 

Answer is simple. The money got through illicit means has been already spent on buying acres of acres of land banks in the villages where these politicians or bureaucrats belong to, or is lying with the biggest builders of our country or in worst case scenario invested in some running company of Mumbai, for which they are or their family member is paid through "salary". But since over a lakh of flats are being unsold, even the black money is lying unused or without any returns to the builders or the original black money holders. Real estate in India or Mumbai is in a bad shape! Yesterday, not being a fan of any party, I must congratulate Uddhav Thackrey for coming out in open and dare to bear the truth and plight of a common man. But comparison of Trump to Modi was a bit too much... I haven't seen Modi in any reality show on television nor has he been spotted with any model!

But you know what will happen now? If you know, the pinch of demonetisation is going to hit us hard. Bureaucrats or politicians who have suffered the pinch of loosing this stashed cash, are going to come with double force on us. Corruption is in our blood. Now when a businessman comes to Mantralay for getting his work done, there will be obvious demand of favours. Now the favours will change. The long lasting method of buying wife's painting of which fun was made, will be the new mode of getting black money, the white way. The favours will be in form of demanding the new currency, or making the officer or politician a partner in the project or in worst circumstances booking a property somewhere in the name of any family member or driver or the peon of the politician or bureaucrat. People who had small works, where the work would be over in Rs. 5 to Rs. 10 lakhs will be completely wiped out. Corruption will be at the biggest level for the biggest works. Officers will fight for plum postings, as they will see this as their last resort to earn the money they lost in converting black money. Corruption in our country will not and never end. But with this drive, the levels and the games of playing it will change. 

People are going haywire buying gold in whatever rates the goldsmiths are quoting. CA's and the "entry market" are flourishing. Be sure and make sure, all of this is going to backfire big time. If you have noticed, when you buy gold, even against cash, the cashier always demands your address. So when you thought you have bought gold of black money, the jeweller whilst depositing cash in the bank account is also submitting bills raised to the IT, which has your address. Whilst trading cash against cash, be careful of not getting fake notes. And for once, do not believe in rumours!! 

Vikrant Joshi
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