Dr Mathew Christy George, Doctor
At the time of demonetization, I was a medical post graduate student, but even then it was evident that it played havoc with the medical profession. In my hospital, the first three months post demonetisation saw a sharp decline in patient numbers. Many did not have the new Rs 2,000-note and could not therefore visit the hospital. Others managed the money for treatment after much struggle.
Many patients told dentists that since they did not have enough cash to pay for root canal treatment, they preferred instead to have the problem teeth extracted.
Our experience was that the economically weaker sections were more severely affected. Now I am practising as a doctor, and I understand from senior doctors that even now things appear to be just getting back to normal.
Saji Abraham, Plantation worker, Koovappally, Kottayam District
I went through really trying times in the months following the note ban. On one hand, farm hands like me lost work days because our employers did not have sufficient cash in hand to pay us. They themselves were burdened by the shortage of liquid money for running their homes.
On the other hand, even when we were lucky to get a few days of work, we had to forgo those because we had to stand in queues in front of the bank to withdraw some cash. Our entire lives were disrupted. Everyone in the family was affected one way or the other.
Even after our employers got some cash to pay us, it was in the form of the Rs 2,000-notes and we had to run around to get that changed into smaller-denomination currency. Those are days I do not like to recall.
Amit Ranjan, A shopkeeper
“None others, perhaps, could have experienced the horrors of note ban than me. I being an unemployed youth had opened a cosmetic shop at my village town in Bihar’s Aurangabad district the year preceding the note ban.
The first six months passed in studying the minds and demands of the customers but it slowly began drawing crowds. During the annual Chhath festival celebrated in first week of November 2016, I earned good money and felt encouraged but soon came the note ban. That left me literally shattered.
My next many weeks spent on standing in long queues outside the banks and getting the old cash deposited or exchanged. I faced severe cash crunch as neither banks not ATMs were giving enough cash.
Since I was a new to the business, dealers too refused to give me goods on credit. I was unable to buy goods for my shop despite money in the bank. The result was my customers began slowly returning from my shop but I had no option”.
Raja Ram Singh, Farmer union leader
“Although it was promised to end black money in the market, the note ban has brought massive disasters in the life of common men.
As such, the main sufferers have been the poor. Previously, a large number of youths from my village were employed in small factories in various Indian cities but post note ban they were thrown out of jobs.
With no option, they returned home but the traditional farming jobs too were of no use to them. Due to lack of cash, they failed to buy seeds or fertilizers on time or irrigate their crops. This crippled their financial condition further.
The note ban also left its bitter impact on social life as many marriages were cancelled owing to cash crisis. Although net banking was an option but village community was not familiar with that. Also you know many banks then had no such facility. The cashless transactions became popular mainly after the note ban.
I think note ban did not help the common men, at all.
Mayank Bhat, Marketing professional
“In the aftermath of demonetisation, people from all walks of life had to face hardships, especially those who were not tech-savvy and relied on cash for their daily transactions. From my own experience, many people who had invested in big chit fund companies suffered as the owners got broke after demonetisation and the directors fled. Effectively all people who invested there lost money. What has the government done to help innocent investors like me to recover our hard earned cash? The situation was further exploited by touts who suddenly sprouted up everywhere. The pain of demonetisation was spread across the country for several months. The reality is that the biggest hoarders of black money were politicians, traders and big industrialists and not the common man. Demonetisation has hurt all sections of society for no fault but those with black money got it all adjusted. The common man suffered while politicians and corporates didn’t.”
Hira Nand, Jeweller
“Demonetisation only made all common citizens suffer while politicians and big corporates had no worries. We all know where all the black money is, but Bharatiya Janata Party (BJP)-led government at the centre did not do much against them. What have they done against people linked with Panama and Paradise paper leaks? Instead they cracked down on jewellers and arrested them for accepting old currency notes after demonetisation. While some may have done it, but it was largely a false charge. Demonetisation affected our trade to the extent that people dont look at gold as safe investment anymore. Gold jewellery demand has fallen 80 per cent since demonetisation was announced on November eight last year despite the on-going peak marriage season. Besides, the circulation of money has dried up completely and people who were earlier willing to purchase gold worth Rs 20 lakh for a marriage are now settling for Rs two lakh jewellery.”
Rameez Pandit, Sports equiptment dealer
“I think if the government really wills, it can and should go after the black money stashed away in foreign banks, the quantum of which is several times the money that has come back to banks after demonetisation. More than 75 per cent of the money that has come back to the banks may really be white money as our economy is predominantly based on cash. For the next few years, or till the time this government is dislodged, no one will ever come to know about the tax collected on the black money unearthed and the cost of demonetisation, which is believed to be Rs 100 spent for a tax collection of Rs 0.01. The sports sector was severely affected by demonetisation; many local and state level tournaments were cancelled for paucity of cash. The organisers and sports equipment dealers across the country suffered as a consequence. The situation still remains miserable.”
