Prime Minister Narendra Modi’s announcement on November 8 to demonetise old Rs 500 and Rs 1,000 currency notes was meant to unearth black money, fake currency rackets and wipe out terrorism-funding in India. But the way in which demonetisation panned out for three months led to utter chaos.
Contrary to claims, terrorist activities have risen, with Indian soldiers as well as civilians being targeted by terror elements. In a gunfight with terrorists, two army personnel and a civilian were killed at a village in south Kashmir on February 12.
In another gunfight, three soldiers were killed and 12 security personnel, including two officers, injured. In another encounter in Kupwara, an Army major was killed.
Based on media reports, there is sufficient ground to believe that Pakistan is pushing fake currency of Rs 2,000 notes into India via Bangladesh. This means that the note ban
has miserably failed to check inflow of terrorists and fake currency.
Due to demonetisation, wholesale inflation rose to a 30-month high of 5.25 per cent, the highest since August 2014. This will hit the masses further. Yet the government continues to claim that demonetisation was in the interest of the public.
S K Khosla, Chandigarh
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