A reported statement of the RBI says that more than 80% of the banned old notes have been received by the RBI as on 10th December. It comes to Rs. 12.44 lakh crores according to RBI. Well and good. But how much new notes have been issued? RBI says it has released notes worth Rs. 4.61 lakh crore, meaning one-third of the money taken back. While the old notes are in Rs. 1,000 and Rs. 500, the new notes are mostly of Rs.2,000 and some in Rs.500. Out of these, notes worth lakh of crores are diverted to the hands of money launderers and bigwigs through corrupt Bank officials and political patronage. Almost every day such people are caught, but it may be 2-3% only of the launderers.
The poor and middle class people continue to stand in front of the banks and ATMs in hundreds to get some money to cater to daily needs. PM, FM and those in the government make high speeches about the benefit of digital system as also assuring that this trouble will continue only for a few days or weeks more.
The job of the government is not to harass the people; but that is what is actually happening. In fact, the demonetisation is an attack on the poor people. The people should give a fitting reply to this attack in the coming elections.