On the night of 8th November, all 500, 1000 notes were demonetised. This Demonetization shook the nation overnight. Our Prime Minister said all black money kept in cash would become useless, black money hoarders would now have to burn away their stashes or throw them in the river. Like any other common Indian, I thought this might be a great idea and congratulated Modi for it. But it took just a day of research to realise how many loopholes had been left in this scheme. on 12th November, I made this video exposing the intentional loopholes left in the scheme for corrupt people to get away with.
Over time it became clear how these loopholes are going to be utilised by every single person having black money. Some started black marketing of buying demonetized currency while others used these loopholes to deposit other’s people’s black money in banks. This was proved later this year how almost all demonitized currency had returned to the banks, specifically 99%. What also became clear over time was the negative consequences, disastrous negative consequences this scheme would be having on India’s economy. Many well known economists and politicians pointed this out. Manmohan Singh and Arvind Kejriwal were among the first ones to speak against this. MMS predicted a fall of 2% of India’s GDP and called it organised loot. AK called it India’s biggest scam ever as he believed it was meant to write off lakhs of crores of loans of billionares. They both were criticised like hell for it initially, but as time passed by, people realised how true they were. On the other hand, the BJP and PM Modi kept chest thumping on their apparent fight against Corruption through demonetization. They even went on exaggerating it’s potential benefits, from stopping terrorist attacks to becoming cashless. It was around a couple of months that DeMo became a joke that it was a solution to all problems. Anyone opposing it was labelled as anti national and reminded about Siachen ke jawan. That’s when i had released a video faking about how Demonetization stopped global warming.
Over the months, all potential positive benefits turned out to be sham. Neither the corruption reduced, nor the fake currency stopped printing. Cashless usage reduced to pre-demonetization era after February 2017. As for the Black money, RBI stopped giving out details fearing public backlash for months. Indian army faced one of the worst terrorst attacks in the same month as demonetisation, and later one of the worst month for casualties in April 2017. GDP loss began to reflect in the numbers, job losses happened in millions, businesses were closed down, more than 150 people even died during this whole event. All through, govts goalposts kept shifting. It was in August this year that they finally revealed the data and Demonetisation was proved to be a disaster.
I participated in a TV debate on Mirror Now news channel on this topic and then exposed all their nonsense excuses to make Demonetization look like a success later in this video.
Estimates of total loss of money to the country range from 4 Lakh Crore to 8 Lakh Crore. Regardless of the actual figure, its no doubt that Demonetization is much bigger than any existing scam done in India till now. Ironically enough, the BJP has said that they will do another one of their ‘grand celebration’ on the one year anniversary of Demonetization, which they have called as ‘anti-black money’ day. The day black money was converted to white.