Ironic but the Indian government’s motive to replace black money with white has reached its peak with series of IT raids revealing the nexus between corrupt bank officials who have diverted new currency to their favourite customers to replace their black money.
On the paper, on TV, on social media, Prime Minister Narendra Modi has been defending the most-appreciated move ever taken up by the government but the banks have failed utterly to live up to their expectations in a corruption-ridden country.
As IT raids revealed even a small town called Chellikere near Bellary in Karnataka showed the extent of new currency making its way into the hands of erstwhile black money holders. How could it have happened. How did the banks siphon-off so many currency bundles from the banks without the connivance of all clerks and bank officials?
How did Bellary mine baron Janardhan Reddy and former BJP minister managed to hold his daughter’s wedding? What is the modus operandi of new black money hoarders? Will RBI explain how such bundles passed on into the hands of few rich individuals while common people stood in queue for hours together only to be told later that there is no cash in the ATM?
Now that those with black money got their money converted into new currency, the government has come out with a host of incentives for cashless payments so that it could track the payments made by the middle class. It has failed to check the rich who could easily change their black money within a month of grace period given by the government and accommodated by their trsted banks which care a damn for RBI, the regulator. It happens only in India?
Every time the queues are there in front of ATMs, the government should be ashamed that it has ruined the lives of the poor and middle class who could not get back their own money back from the banks. The Indian banking sector should be ashamed that the tenets of banking have been given two hoots for their inefficiency.
Until and unless the Modi government cracks the whip on black money hoarders, not sparing even the BJP culprits, it cannot expect to cash in on a good move to end the black money menace in our financial system. Otherwise, the Modi government will see the same fate as that of Vajpayee’s after “India Shining” reforms in 2014 elections.