Sir,
Ironically, the cash shortage has hit the common man much more than the rich, for whom nothing has changed despite the fact that demonetisation has junked 86 per cent of currency in circulation. Patience is running out as the cash-starved economy has taken heavy toll on income of wage-earners and farm workers. The common man’s struggle for survival with little cash in hand may grow in the coming weeks and months as the Government refuses to recognise the fact that cash serves as a lifeline to rural economy and urban poor. India may need years or even decades to become a largely cash-less society. And, for that, India needs literate public and a well-coordinated digital economy and not demonetisation. Unfortunately, India stands far behind even many smaller countries in Asia in broadband connectivity. No one knows this better than India’s own Telecom Authority (TRAI) chairman R.S. Sharma. The Government seems to be totally confused about the link between demonetisation and digital economy. Paradoxically, neither works as an antidote to black money and fake currency. The easiest way to locate and punish black money hoards is to conduct a property census and link one’s declared income with assets held.
Yours etc..
Nantoo Banerjee
New Delhi
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