By
generating fear among some people, the demonetisation move by Prime
Minister Narendra Modi has opened opportunities for others, writer
Ashwin Sanghi said today. "When there is a fear there are
opportunities. Demonetisation has created a fear among few people and
on the other hand opened opportunities for others," Sanghi said
at a session at the ongoing Jaipur Literature Festival here. He was
joined by businessman Binod Chaudhury, writer and journalist Hindol
Sengupta and Suhel Seth. According to Sengupta, the "pain"
that has come along with demonetisation has been "worth it",
and that the move was a step forward towards a better economy. "There
has been pain and it is worth it. Despite the sufferings, there has
not been a single real mass protest happened on roads. The NCR
economy is entirely sustaining on black money. Government's next step
to nail 'benami' property will be another move towards better
economy," he said. Calling himself a "deep advocate"
of demonetisation, Suhel Seth termed it a "splendid" step,
predicting that India will be the "fastest economy" in the
coming future. "I am deep advocate of demonetisation taken by
the government. We need to root out black money from the system and
it is a splendid move. "International Monetary Fund projection
for Indian economy is rubbish and we will be be the fastest economy
in coming future," he said. He said that while the working class
may be in "short-term pain" but gains would be manifold in
long-term. "The move will yield results in next two quarters,"
he said. Questioning the timing of announcing the decision to
demonetise Rs 500 and Rs 1,000 notes, and whether the Reserve Bank of
India was prepared for the repurcussions, Binod Chaudhury, said that
the aftermath of the move will last longer than projected, but
assured that "India will have a bright future".
"Demonetisation was needed at some point of time. But, whether
it was the right time and was RBI prepared to tackle the
eventualities is a question. "Currently 50 per cent of Indians
have access to banks and post offices so demonetisation has troubled
many people. Pain of the step will be a bit longer than projected.
However, India will have bright future," the Nepalese
businessman said.
NO
FAKE CURRENCY IN THE SYSTEM AFTER DEMONETISATION
Anil
Bokil, founder of Pune-based think tank ArthaKranti, who was part of
the team that claims to have suggested demonetisation to the
government today said "no fake currency is in circulation in the
system" after the note ban. "The whole thing is now
transparent. One more serious thing is that there is no consideration
of fake currency. Another thing what banks have received is white
money. So the whole purpose for the exercise is yet to be ascertained
and some time is required to examine and after that only we can say,"
Bokil said in an interactive session organised by Junior Chamber
International (JCI) in Hyderabad. During his presentation he
suggested that there should not be any note with denomination higher
than Rs 50. He said the main reason for banning currency notes with
high value denomination is that the notes were not serving the
intended purpose but had turned into a hoardable commodity. "There
are three main reasons for note ban. One is the currency note has not
become medium. Second is the currency notes are not sustainable and
the third is it has become source for counterfeit notes," he
said. He further said that in cash transactions, there is no trail
and it is unaccountable whereas in digital payments are transparent
and traceable.
No comments:
Post a Comment