Jan Ki Baat conversed with a number of people to grasp the public mood. A concerned citizen explained the phenomenon of demonetization in detail. Black money is essentially of 2 kinds: one is gathered through illegal activities like trafficking, drugs, corruption etc whereas the second kind is collected not by unlawful means but because relevant taxes on it arent paid. 15-20% of the money circulating in the market is either one of these kinds of black money. This percentage can be cleaned out easily with demonetization only if the public lends it relentless support and is willing to cooperate despite short-term problems. Much of inconvenience faced post-demonetization is because of the shortage of the new currency in ATMs and Banks. This is one area where improvements by the government are possible. For black money to be entirely wiped out and for bringing the cases of tax evasion under control, one must help out the authorities; 30th December 2016 is the last date for deposits so one mustnt hurry, rushing to join the queues outside banks and ATMs.
Demonetization has impacted various segments of the society in different ways. Lack of awareness about the availability of alternate modes of payments has posed serious problems for the people who are in the habit of making transactions in cash. The government is working to address these issues and soothe the anxious.
Maintaining secrecy was an important part of this scheme since any leakage would have only dampened its effects. However, after the public had been addressed of the necessary changes, the government could have planned demonetization in a helpful manner, with the stock of new currency available in abundance to be supplied.
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