Saturday, December 31, 2016

Demonsterization & The Holy Cow of Corruption

"At stroke of midnight when India awakens....." Nehru's memorable speech whence we gained independence."  

Now and then, India awakens but often with hiccups! This spasm that has come is of quake like intensity... a thunderbolt.  

On one stroke, a little before midnight the sleeping country awakened. It gave sleepless night to those with large stacks of black money in notes of 500 and 1000. The very instrument of exchange promised as security was subject to demonetisation. Since the legal tenders (read legal income) were being accepted albeit in a short period, this action was not that of distrust by the financial institutions in India.    

This was an event waiting to happen. A nation  reeling under corruption of unfathomable magnitude since Independence finally came to terms - enough is enough.  The corrupt with immense amount of undisclosed wealth were running a parallel economy much to the impairment of the nation's real economy. 

The monsters hidden in all wakes of life were at extreme comfort, under a system that prevailed without any obstacles in their unholy path.

A holy cow that no one dared to touch.

The large scale hoarders rarely faced any punitive action such was the invincible strength of this system.  This was also a blow to racketeers indulging in counterfeit currency in India and abroad. The lethal nexus of criminal, smugglers and those involved in heinous terrorist activities, all those who survived on fake currency have been hit hard,..they were bound to.  

The scramble began as soon as the announcement was made. Some... real estate dons, businessmen, politicians...criminals and habitual tax evaders all those who indulged in nefarious activities were caught unprepared. The attack on the tentacles of corruption led to an unprecedented upheaval...all were awoken by a little before midnight announcement, for many their was sleep lost forever.  

Amid mind boggling consternation things became clear whence the junta woke up in the morning. This was the right step awaited for a long time, the average Indian put forth his views. Much discomfort was due but if the action augured a better future then all was bearable.

There is expected to be a big overhaul in the systems that that had failed in curbing the menace of parallel economy. This praiseworthy action calls for structural changes which are robust and effective.  

But if success strikes which is very likely...there are some fears.

Will those empowered go overboard?

Will the regulatory mechanism affect those who are not into nefarious activities?

Will there be lack of pragmatic governance after being emboldened?

These are genuine worries, though the opposition which is crying wolf is a safe guard against authoritarianism in our country. And so is the electoral imperatives and vibrant media.

There is lot of hopes from the present establishment in power. The action is not comparable to banning the beef which was accepted stoically due the large scale sentiments that prevail in the country.

The impact will be accessible in the near future. But the gut feeling is that demonetisation is a step in the right direction.