‘Mandatory overs’ (last 15 days) have already begun and it would be an serious setback for the demonetization process if more than 14.5 lacs crores (recorded serial numbers of higher currency notes at RBI) rupees gets deposited in banks which is a possibility as previous governments it seems has issued more notes whose records are missing one understands from media reports and sources. Over 13 lakh crores have already been deposited and there would be heavy rush to deposit now as the deadline ends on 30th December.
The integrity of RBI would be at stake if such a scenario plays out and can people really have faith on the national currency or for that matter the government and cloud of suspicion would raise many questions which even top economists and experts too won’t have the answers. Prime Minister Narendra Modi it seems was aware of this scenario and one must applaud him for this bold move to cleanse up the system. The citizens it seems would have to face the pain for a long period of time but it is worth it if corruption gets eradicated which would be beneficial for the future generation.
(The views expressed by the author in the article are his/her own.)