Well, this is the question doing the rounds in various circles — after the initial enthusiasm — when PM Narendra Modi decided to scrap ` 500 and `1,000 notes. Despite the inconvenience caused, the public has so far been largely supportive of the demonetisation move. They hope it will fight corruption. But the long queues at banks and ATMs coupled with stories on how the rich are finding ways to convert their black money into white at the cost of the poor who are running out of cash is creating suspicion among many. What exactly is black money and how will it fulfill Modi’s vision of wiping out unaccounted for cash?
As many as 82% Indians favour the govt’s decision to demonetise ` 500 and ` 1,000 denomination currency notes. According to a survey by Inshorts in collaboration with IPSOS, 84% of the respondents think the govt is serious about curbing black money
Foreign media hails the move
Forbes: In an article titled ‘India’s Great Bank Note Switch Appears To Be Working’, the article goes on to call the scheme “rather well done, a clever plan”.
New York Times: “The plan, top secret until Mr. Modi’s announcement, was hailed by financial analysts as bold and potentially transformational for India. It is also a high-stakes experiment,” the article said.
Does common man deserve the inconvenience?
Why not? If it’s for the larger interest of the nation. I agree there is a lot of discomfort, but that is a natural by-product of any change that comes. Weren’t we calling for the eradication of black money a few months ago? So if Modi has taken a step in that direction, isn’t it our responsibility to stand by him?
Rabani Sachdeva, class IX, Shadley Public School, Delhi
It's not just about eradicating black money but taking a step forward, which the previous governments failed to do. It is always easy to criticise but difficult to initiate. And therefore, standing in queues without complaining is our responsibility if we are law-abiding citizens of this country.
Manasvi Rawal, class X, Ryan Intl School, Navi Mumbai
In this case people with black money are making more noise. The common man has also been affected and day-to-day transactions have become difficult, but most people are welcoming the move. This whole initiative could have been handled better. Yet in the long run it is a good step taken.
Shefali Kaveramma, class VII, Cambridge School, Bengaluru
.jpg)