In its rush to curb misuse of the system post-demonetisation, the government may have added insult to injury by directing people changing currency notes at bank counters to have their fingers inked indelibly. This betrays public statements by leaders claiming they trusted the people they serve. Besides adding confusion in the three Assembly seats voting in deferred polls or bypolls on November 19 in Tamil Nadu and Puducherry, the inking of index fingers adds a burden the creaking banking system can’t handle while its staff are overstretched trying to help millions standing in queues to get their money. The transaction time can only rise with each hurdle in the path of citizens whose daily routine is threatened by the time taken to access notes that are still legal tender.
The demonetisation’s shock and awe have passed, now it’s the cash crunch that people are trying to cope with. It’s becoming clearer by the day that the idealistic move may have been prompted more by political compulsions than sound economics. It’s clear that preparations to infuse currency to get 86 per cent of the cash economy moving was not well planned or executed. Even the indelible ink hasn’t reached all banks. Given the enormity of replacing 23 billion Rs 500 and Rs 1,000 notes, the time was clearly insufficient. Where the inking may rankle most is while real black money hoarders would still have the means to salvage their holdings, it’s the common man who will face the indignity of being a marked person for having a few notes that legally belong to him.
