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Note ban: Boon or bane? Question continues to haunt
Demonetisation has adversely affected the working sections of society such as farmers, daily wagers, retailers, vendors, drivers, house maids, cooks, electricians, plumbers, washer men, small business people, foot loose industries and many small time service providers in the informal sector who had been surviving on cash payments.

The serious and big-time offenders, whose black money is in the form of foreign currency, gold and stashed away in tax havens, have gone scot free.

The aim of demonetisation was to take black money stored in the form of Rs 500 and Rs 1000 notes out of the system for fifty days and then scrap these notes.

Some of the advantages of demonetisation, as reported by a section of media and people, had been as follows:

  • Mitigation of the parallel economy

  • Reduction in terror funding and drug menace

  • A good amount of fake currency got out of circulation

  • Real estate got some course correction

  • Political parties now have less money power to purchase votes

  • Increase in money with banks for loans

  • Digital payments is becoming popular

However, public faced problems due to the scarcity of lower denomination notes in the system and are feeling the loss of freedom to use the cash as an alternative for fulfilling their daily life needs.

Here is reaction of the former Union finance minister P Chidambaram retold in a limerick.

The former finance minister Chidambaram

Is furious on note ban and down is his thumb.

He says, it is not demonetization,

Rather, it's "cash demonization."

Dry digital cashless society we must shun.

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
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