Letters: On a fast track

With reference to the editorial “Remonetise, fast” (November 15), it goes without saying the government has committed a self-goal by not properly doing its home work prior to embarking upon its most ambitious plan to “demonetise” in its determined bid to serve a severe blow to the menace of black money in the economy. I fully endorse the editorial views that the long queues for obtaining cash before the countrywide bank branches as also at ATMs does not augur well for the financial image of the government and it urgently requires the "remonetisation" of the economy with surgical precision. But, reasonably speaking, this grim situation may also be somewhat attributed to some immediate panicky and knee-jerk reaction of the common man, as if heaven is going to fall even in a day or so. Two key challenges namely, having enough new currency to supply to the banking system and the rapid distribution of thereof to the common man, though justifiably perceived by the editorial are being actively taken care of by the government in active coordination with the Reserve Bank of India. 

I also beg to differ with the editorial suggestion that “if notes of Rs 500 and Rs 100 are not available in the RBI's kitty, the government needs to immediately order the printing of currency in foreign printing presses which are so easily available globally”. It’s not that easy at such short intervals. But where is the need to implement such an out-of-the-box idea in the prevailing circumstances which could have some temporary overtones only. All this indicate that the government has finally risen to the occasion to quickly “remonetise” the old currency. But it's better late than never and it also takes two to clap. So both the govt and the people must act in close coordination to deal with the extant situation.

Kumar Gupt, Panchkula (Haryana)

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