Currency Denomination Which Will Cause Abomination In India....#MirMak

Currency Denomination Which Will Cause Abomination In India....#MirMak

By Mir Mohammad Alikhan

Imagine a country spread out on 3.3 million square kilometers and with a work force of 501 million individuals, now imagine that this 501 million workforce is 49% agriculture based, 20% industry based and 31% services based. For services and industry usually checks are written or money is directly transferred into the accounts for the completion of transactions but when the agriculture based economy, and the one where the majority makes less than $2 dollars a day which barely comes out to above 100 Indian rupees, abolishing the denomination of a currency overnight is a policy screaming of disaster, specially for the poor people.
People who do not make more than a hundred rupees for day's work have no utility of a 500 rupee note let alone a 2000 rupee note. If anything, the circulation of smaller notes are increased in such an economy to create an ease of usage of the currency. A villager living in some remote area of Uttar Pradesh or a rural area of Andhra Pradesh has barely seen a 1000 Rupee note let alone transacted in a 2000 rupee denomination.
History is a witness when it comes to economic policy disasters that when the monetary policies are framed without taking into consideration the bottom most tier people, the entire system collapses or a people start to hoard everyday usage items in such quantities that it creates an artificial supply shortage. This artificial supply shortage becomes a real over demand problem within weeks and the entire currency system starts to shake. This will be the future of the Indian monetary system soon. In a country spread out on 3.3 million square kilometers should ideally have at least a few million bank branches so the common man can exchange the currency which is about to vanish. Instead of a warning of at least a few months or a year, Modi government abolished the older version of the bills and to add insult to injury, introduced even a higher denomination of a 2000 bill. Two thousand rupees divided by 30 working days, because the labour do not have the luxury of weekends off so its a 30 day work week for them, it comes out to 66 rupees a day for a common man in India. If his daily income is not more than 100 rupees and a 2000 rupee note equals 1/30th of his monthly aggregate, what good is that money denomination for a common person.
This is the monetary arrogance of a government. Arrogance of Modi has been witnessed by the world in the areas of race, culture, religion, international policy, neighbourly relation, backfired surgical strike based defence policy and now the last nail in the coffin is this currency debacle. So if you are an Indian and you do not want to die hungry two months from today or if you do not want to pay 300 rupees for something a few months now which is in today's value only worth 50 rupees, i suggest that you go out and store up whatever you can. Since Indians eat a lot of onions, and onions stink just like Modi's policy, i suggest that onions would be a good edible to hoard. At least the stink will remind you of your leader Modi even if it goes bad and you do not use it.