Vie-President Shri M.Venkaiah Naidu has stated that due to demonetisation, the money has come back to the banks and the interest rates has come down.
Yes. Black and white money has come back and when the counting of the notes is over, there is every chance that it will be much more than the notes printed. The counted notes so far is almost as the number of notes printed. Interest rates have also come down.
But who are the beneficiaries? Demonetisation gave a big chance for conversion of black money to white as the various reports in the press have shown. It has, of course, benefited the black money holders, corporates etc. Because funds are available in banks, they can lend thousands of crores of rupees to the corporates, who will not return it and will be treated as bad loan. And interest rates have helped those taking loans but crores of common people have lost their interest for their savings.
Demonetisation was nothing but a bad experiment which deeply hurt the common people and deranged their lives. Hundreds of people lost their valuable lives, either standing in the queue before ATMs to get their own money or due to the mental pain being unable to send their children to school, conduct marriage or admit to the hospital etc. due to want of money.
Demonetisation was nothing short of demumanisation for the common people, but a rare opportunity for the rich and powerful.