Arthkranti defends govt over currency demonetisation

NAGPUR: While off late the government’s demonetisation move has come under fire for the cash crunch at banks, ATMs and deaths attributed to it, Pune-based NGO Arthkranti which initially floated the idea to Prime Minister Narendra Modi has called it a ‘potent change’. Speaking on Saturday at an event organized by Vidarbha Industries Association (VIA), the NGO’ co-founder Anil Bokil batted for Modi and urged people to look at the bigger picture and not be bogged down by a ‘superficial view’ of events.
Bokil said, “We must not just talk about inconvenience caused. It is expected that when a major surgery happens there will be bleeding. What is to be ensured is that least amount of blood is lost.” He added that people cite examples of lives being lost due to demonetisation and how he is pained by that, especially when someone connects Arthkranti with the original idea of demonetisation. “When someone says that 80 people have died it hurts. It is painful when even a single death is attributed to you, have you ever thought about it? I ask them if they have ever thought how many lives have been saved due to this? Fake currency from Pakistan is the source leading to manufacturing of drugs that’s killing our youth in Punjab. It’s in fact become a big political issue now,” said Bokil.
However Bokil minces words in clarifying that the implementation method is something which he does not agree with. “We neither welcome it, nor reject it. This was not part of our presentation but then we looked at it from an academic point of view. The government took the inputs and looked at it from a law and order point of view. So the road taken is different but ultimately destination is same,” said Bokil. He insisted that the highest denomination of currency in circulation should be the Rs50 note. When someone from the audience questioned its futility because vegetables have become costly and will require multiple Rs50 notes to pay the grocer, Bokil said the problem lay with inflation. “It’s a case of too much money chasing too few goods. Once we have a hold on the black money problem and everything comes within the system, prices will stabilize,” said Bokil.
He said it is important for money to be kept in circulation else the economy does not grow. “If I keep a Rs100 note in my pocket it is a commodity but if I keep it in my bank then it is a medium. That money can become a medium of loan for someone to create value,” opined Bokil.