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Demonetization 2016 – purpose not achieved – let us learn for next demonetization which may not be far away

Corporate Laws / Banking / SEBI - By: - CA DEV KUMAR KOTHARI - Dated:- 5-1-2017 Last Replied Date:- 5-1-2017 - Demonetization 2016- no longer feeling good: At the beginning action of Demonetization was felt good by public at large. However, very poor planning and implementation has made it a source of continuous problems and harassment of general public and poor people in particular. ₹ 500 and ₹ 1000 High Denomination Notes (HDN) were frequently used even for disbursement of wages fo .....

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s short period allowed for use of old HDN for making certain payments and deposits etc. and frequent changes therein clearly shows that our bureaucrats have not acted in a planned and foresighted manner. In earlier article author has pointed out that more foresightedness was required and will be required. Unfortunately, even after experiencing our authorities have applied whims and prejudices, just in manners which can put public to harassment. Recent policy about deposit to be allowed only once .....

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th a pre-set mind to harass public as much as he can. Purposes of demonetization: Purposes of demonetization, as announced were to: Reduce terrorist activities in which High Denomination Notes (HDN) are used To reduce corruption in which HDN are used. To curb fakeHDN To put a check on black money. Let us examine whether these purposes have been achieved Purpose Whether achieved Yes/ NO with reasons Reduce terrorist activities in which High Denomination Notes (HDN) are used NO Cases have been loo .....

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inancing will be much easier. As per news report, a new class of corruption has cropped up by which rich people are depositing money in account of poor people in utmost trust and good faith that the same will be returned to the real owner. The person depositing such money in his account is trustee. IN ordinary course most of them would have returned money. However, our honourable Prime Minister is making such trusted persons (trustees) dishonest by advising that they should not return such money .....

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e must be fearlessly allowed to report it to the police without fear of police arresting the person reporting such receipt of fake note. Police must trace source instead of putting the person who report to have received fake note in the Jail In view of large amount of HDN deposited with banks, public are having fear that fake HDN of ₹ 500 and ₹ 1000 might have already been deposited in banks and scrapped. This may be reason that RBI and Government authorities seemingly making excuse .....

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ney is stored in kind - property, bullion etc. Failure of Government Machinery should not have lead to demonetization: We have adequate machinery in our Government Departments at Central/ state and Local levels of governance. There are POLICE authorities, Armed forces, and various investigation agencies to keep vigil on all such activities, which prompted demonetization (see purposes as discussed above. The public feeling is that authorities engaged for achieving various such purposes themselves .....

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mmission for any work in government departments, bribes for moving files and getting any work done, bribes to avoid harassment are very frequently felt by public whenever one has to get work done at any of government department. Corruption can be reduced only if the government officers are made strictly accountable for their wrong doings, and inactions. So long they have discretionary powers which can be used against public without any penalty on government employee, corruption shall continue be .....

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