In a chat with ET Now, Swaminathan Aiyer, Consulting Editor, ET, says there will be some people with black money who will be trapped but there is going to be huge distress on the behalf of lots of ordinary common people holding Rs 500 and Rs 1000 notes who will suddenly find they cannot use them.
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The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data.
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On 8 November, I had less than 2 dollars’ worth of valid currency in my pocket to live on. For one day, this placed me below the World Bank’s poverty line, but quite a bit above the one drawn by the Rangarajan Committee.
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One of the biggest issues which helped Prime Minister Narendra Modi capture power in 2014 was the promise to crack down on corruption and black money. Midway in his tenure, he has announced scrapping of currency notes of Rs.500 and Rs.
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Ever since Prime Minister Narendra Modi announced his government’s plan to withdraw Rs 500 and Rs 1,000 bank notes from circulation at a mere four hours’ notice, much anxiety has prevailed among Indians resident in the country and elsewhere.
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In 1970, the German writer Arno Schmidt published his magnum opus, a novel called “Zettel’s Traum.” Its narrator is Dan Pagenstecher, an aging writer who lives in the fictional village of Ödingen and is an expert on Edgar Allan Poe.
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America I’ve given you all and now I’m nothing. I can’t stand my own mind. America when will we end the human war? Go fuck yourself with your atom bomb. I don’t feel good don’t bother me. I won’t write my poem till I’m in my right mind.
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