I was in Kolkata attending a conference when the Prime Minister made the announcement. I did not pay much attention because I was more interested in knowing whether Hillary won or not. And then it stuck me. Oh my God! How will I get home from the airport? Scrambling around my bag I found Rs 400/- in hundred rupee notes but then if I spent it on the cab, what about the other things. Every one around me was making the same calculations. There was also glee. After all the black money hoarders had been caught pants down and what will they do? The overwhelming feeling was that it was a good decision.
I called up Rajinder, Sumitra's husband, and begged him to pick me up from the airport. Which he did.
The milk booth guy was accommodating. I could deposit Rs 500/- with him, he said, and buy milk and other products for that much worth as and when I needed.
Mr. Joshi, the man who delivers the newspaper, presented his bill and accepted Rs 500/- note on the condition that he will adjust it in the next month's bill.
The Eureka Forbes person came around for the 6-monthly service of my water purifier and figured out that I needed a new filter.
"They don't clean the water tank?"
I shrugged my shoulders.
"I cannot do anything. I have only Rs 500/- notes with me."
"Don't worry. I will accept it. Let us get the filter changed."
I was worried about Sumitra and Nanku Ram. Nanku Ram told me that he had managed to get the money from the bank.
"People are being stupid. You need lots of documents for exchanging money. But I filled two forms. Deposited my money and withdrew fresh. I got it done without any hassle."
It turned out Sumitra had stashed away Rs 100/- notes for emergency.
"I have money," she assured me. "I was only worried because I have to pay the tuition fees. The tuition person said that he will not accept the demonetised notes but that I can pay him by cheque. So I paid him by cheque."
So some one who normally would not accept cheques (after all most of the money earned from tuitions is unaccounted, never reported, no taxed paid) was willing to accept cheques.
I am not an economist and the economist in the family assures me that this will not curb black money. May be it will not. Assuredly it will not. But:
"Didi," Sumitra said giggling, her face wreathed in big smile," I will never forget Modiji. For at least one day he made the rich and the poor equal. The rich who have hoarded money now will know what it feels to be poor and have no spending money."
I called up Rajinder, Sumitra's husband, and begged him to pick me up from the airport. Which he did.
The milk booth guy was accommodating. I could deposit Rs 500/- with him, he said, and buy milk and other products for that much worth as and when I needed.
Mr. Joshi, the man who delivers the newspaper, presented his bill and accepted Rs 500/- note on the condition that he will adjust it in the next month's bill.
The Eureka Forbes person came around for the 6-monthly service of my water purifier and figured out that I needed a new filter.
"They don't clean the water tank?"
I shrugged my shoulders.
"I cannot do anything. I have only Rs 500/- notes with me."
"Don't worry. I will accept it. Let us get the filter changed."
I was worried about Sumitra and Nanku Ram. Nanku Ram told me that he had managed to get the money from the bank.
"People are being stupid. You need lots of documents for exchanging money. But I filled two forms. Deposited my money and withdrew fresh. I got it done without any hassle."
It turned out Sumitra had stashed away Rs 100/- notes for emergency.
"I have money," she assured me. "I was only worried because I have to pay the tuition fees. The tuition person said that he will not accept the demonetised notes but that I can pay him by cheque. So I paid him by cheque."
So some one who normally would not accept cheques (after all most of the money earned from tuitions is unaccounted, never reported, no taxed paid) was willing to accept cheques.
I am not an economist and the economist in the family assures me that this will not curb black money. May be it will not. Assuredly it will not. But:
"Didi," Sumitra said giggling, her face wreathed in big smile," I will never forget Modiji. For at least one day he made the rich and the poor equal. The rich who have hoarded money now will know what it feels to be poor and have no spending money."
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