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Indian Prime Minister Modi's Demonetisation: Is it Good or Bad For India And The Global Village?
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2. The Data Gained: In today's world, the Internet is full of companies that are eager to take our data through the filled forms. The data so gained is so important that companies become big by selling that very data from us. Data is extremely important. It is said that The Catholic Church could rule over Europe for so long because of the secret data received through confessions. Not having the proper data, till now, the government and its own bank could only guess the amount of cash in the circulation. Now, the bank knows the exact amount. Not only that, the central bank has the data of the distributing bank, the numbers, the handlers and what not. In fact, it has the entire history of the cash circulation. Almost like in the stock market, now the bank's computers can not only help digitally detect unusual transactions, they can detect the source of the illegal cash too. Thus, the government will not only look like having a good grip on its cash, and subsequently its economy, it will be practically scientific in its approach too. The significance of this in planning projects and enhancing competency is huge for a nation, whose production is severely hampered by its culture of corruption. 3. Necessity is the mother of invention: Akin to 'necessity is the mother of invention', the demonetisation has invoked new methodologies in both the bad and the good camps. While the former has found ways to misuse even the new notes, the later has had to modify its ways into using electronic gadgets like mobile phones for cash. While ceasing the opportunity the country's IT guys are coming up with new aps and therefore digitalising the nation, and the tax officials and the banks are getting more cash back, as a measure to ease pain the government has been forced to think of offering unusual programmes that benefit the poor. As if the missionaries were at work in this Hindu India, the neglected and cashless bank accounts of the poor suddenly became important had cash and therefore became 'born again accounts'. At the end, India as a whole seems to be gaining.At the end, India as a whole seems to be gaining. 4. The cleaning up: A. General corruption: With the cash exchange taking place outside recorded methods, this measure alone cannot abolish the 'exchange corruption', but the pinpointing of its source can help identify the culprit. While this has helped the apprehending of influential public figures, demolishing 'it's a witch hunt', it has brought even its own party cadres in the fray. The force of the guilt of not being able to bring home the black money as promised in the beginning, did play its part in these measures. B. Political corruption: All parties, including the BJP, are corrupt and have the unaccounted black money. Almost like the AAP party changing Indian electoral politics, this measure helps in the making of political money, in general, cleaner. With the ticket distribution for election depending on the black money, this will have enormous benefit in the bringing of honest and capable leaders to the elected bodies. 5. Terrorism reduction: Even if the cash forms less than 10% of the black money, it constitutes a much higher percentage of the entities that kill Indians through both Maoist and Islamic terrorism. Yes, being run not only by the untaxed money but printed money too, Mumbai underground guys, the North East insurgents, the Naxals and the Pakistani terrorists have been a menace to India. This demonetisation certainly has had an impact on them. Although attack on army camps in Kashmir suggests otherwise, and 'Stone throwing in Kashmir was already going down' say the naysayers, the compulsion of robbing banks is clearly indicative of the cash crunch felt therein. Being foreign in origin and the global players having an interest in it, Kashmir terrorism cannot be stopped so easily. 6. International image: Even if the implementation of the dictat didn't bring about good reporting internationally, the timing of the announcement was not reported as bad. But then, let alone the timing, the Chinese official paper The Global Times thought that the boldness of the act was unthinkable even in their one party nation! 7. Benefits to the BJP: With it being successful implementation dependent, in addition to the believable sweet sloganeering of 'beat the corrupt guys', the act was a huge risk for the ruling BJP. Yes all parties use black money; and cash for seats isn't uncommon. Therefore, all parties that are so used to relying on black money will be affected and Indian politics will see better days. But then, almost in an Orwellian way of some being more equal than others, some parties are more corrupt than others. Fearing none, some even flaunt cash in the form of garlands. Being lesser of the evils, this makes BJP, unlike some other cash starved parties, reap the benefit of the demonetisation. Calculated announcement before the UP election, thus, can't be regarded as imperfect. Also the associated, 'Only the corrupt parties are opposing demonetisation' disunites the opposition attempting to unite against the BJP. In addition, the timing of it being around the American election results, did lessen the hostile international caucus. Thus, BJP's gain cannot be discounted. 8. Symbolic benefit: Almost as a no hoper, this act did nothing to bring cash from the foreign banks - as promised and expected. In addition, even the new currency has entered the old black market, locally. But then, surprisingly, almost as powerfully as saying 'from now on ..' in his invite to the SAARC leaders at his oath taking ceremony, this dictat has powerfully aired Mr Modi's second salvo - 'from now on..' - in the fight against corruption.
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