Examining India’s Demonetization:
Social Impact, US Backing and Global Implications
GR Weekend Reader:
 India’s “War on Cash”: The Demonetization Blitzkrieg. The “Ice Nine” Solution
By Sridhar Chakravarthi Raman, December 11 2016
The
demonetization blitzkrieg of the NDA government was served to the
unsuspecting Indian public as a moral crusade to destroy the twin evils
of black money and counterfeit notes. But as the days went by the stated
objects of the demonetization fell apart and the government did a
series of embarrassing flip flops to put forth the view that the object
was to usher in a cashless society where the digitally baptized citizens
would swipe their plastic cards and waft to and fro in digital wallets
with consummate ease.If the overt objectives of the demonetization, i.e
eradication of black money and counterfeit notes were indeed laughable,
then other concerns about its covert objectives gave rise to legitimate
concerns. What then is the hidden agenda of the demonetization exercise?
By P. Sainath, December 14 2016
The
bank has “decided to use Gandhigiri to try and recover the loans [from
you]. For this the bank has decided to do one of the following: 1) Put
up a tent opposite your house to protest, 2) Make use of a band, 3) ring
bells. “Due to these actions, your standing and image in society are
likely to be in danger.” That is the Osmanabad District Central
Cooperative Bank (ODCC) promising 20,000 of its clients public
humiliation and ridicule.
By Shaun Bradley, December 15 2016
As
physical currency around the world is increasingly phased out, the era
where “cash is king” seems to be coming to an end. Countries
like India and South Korea have chosen to limit access to physical money
by law, and others are beginning to test digital blockchains for their
central banks.
By Akhil K Prabhakar and Chidhambaram, December 18 2016
The
victims of Prime Minister Modi’s Demonetization Program, tell their
story. Their lives are destroyed. What was the purpose of this
devastating process ordered by the Indian government. Was it a policy
blunder or a deliberate intent to undermine and destroy small scale
retailers and producers across the land.
By Rahul M, December 29 2016
“We
can eat only if we work every day,” D. Narayanappa said after returning
to Bucharla from Bengaluru on November 4. Like many other Dalits in
this village, he migrates to the city to work on construction sites for
most of the year, coming home every now and then for a few days.
By Right To Food Campaign, December 29 2016
The
right to food campaign is dismayed by the Indian government’s reckless
attempt to renew currency notes, known as “demonetization”, without any
serious attention to the consequences it may have for poor people. This
move serves no clear purpose and is a major attack on the right to food
and the right to life.
By Norbert Haering, January 03 2017
Who
are the institutions behind this decisive attack on cash? According to
USAID: “Over 35 key Indian, American and international organizations
have partnered with the Ministry of Finance and USAID on this
initiative.”
By Dr. Vandana Shiva, January 04 2017
As
2017 begins and we flounder in our mad rush to force all of India into a
digital economy overnight, it is worth pausing and reflecting on what
the digital economy is, who controls the platforms and lines as well as
some basic concepts about money and technology which have moulded our
lives and freedoms, based on patented systems that are failing the
people of “West”. Obsolete systems are moulding our patterns of work and
our wellbeing — as a very large country, and as an ancient civilisation
— into a cast that is observably too small.
By Colin Todhunter, January 05 2017
Emerging
evidence indicates that demonetisation was not done to curb corruption,
‘black money’ or terrorism, the reasons originally given. That was a
smokescreen. Modi was acting on behalf of powerful Wall Street financial
interests. Demonetisation has caused massive hardship, inconvenience
and chaos. It has affected everyone and has impacted the poor and those
who reside in rural areas (i.e. most of the population) significantly.
Who does Modi (along with other strategically placed figures) serve
primarily: ordinary people and the ‘national interest’ or the interests
of the US?
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