On the anniversary of the historic demonetization, November 8 was celebrated as anti-Black Money day in India. On that day in 2016, the BJP-government at the Center led by Prime Minister Narendra Modi went ahead with a very risky but necessary step for the sake of the country’s economy. He banned currency notes of Rs.500 and Rs.1000 denominations which were in circulation at the time, and propelled the country towards a digital economy.
It was risky because no government attempts such a sudden maneuver due to the political impact of the same, but the Modi government did largely because it was the need of the hour.
As the nation celebrated the occasion on November 8, there were some people who had their doubts about the success of demonetization. Many of them had genuine questions.
So social media influencer Anshul Saxena decided to give a quick rundown of things following demonetization, including how it brought in a change in daily transactions and how it ensured national security.
In just about 7 minutes, Saxena addressed a number of things starting with the immediate benefits such as these:
He said, “Stone-pelting came down by about 75%.” That’s indeed a fact because stone pelters were paid in cash. Saxena also pointed out that in the days following the demonetisation, bank robberies had risen sharply in J&K.
He also referred to reports underlining the impact of demonetization on Leftist terrorism – Naxal. “And about 700 Naxals surrendered post-demonetization,” he pointed out.
But one of the most significant achievements, as Saxena rightly said, was the near complete end to trafficking.
Yet he also gave reasons why we cannot say that demonetization has “passed”. “There is more to come,” he says highlighting the probes still on.
Addressing those who claim that demonetization has failed, Saxena asked how it can be called a failure when 99% of the black money has returned to banks. “Only Rs.16,000 crore hasn’t returned,” he said.
And what about punishment for those who were caught during the drive?
“As of now only bank officials have been punished. One BJP youth leader and Congress leader have been arrested for running fake currency rackets,” Saxena said.
He also expressed what he expects to hear with regard to punishment of those caught and has an advice for the government as well.
You can watch the entire video here: