In today’s ‘Deshabhimani’, the CPM’s daily newspaper, Kerala Finance Minister Dr TM Thomas Issac has penned an article in Malayalam that not only slams demonetisation but cites a heart-wrenching story of a pond full of fishes that is under threat by a crocodile and how the fishes are the ones who are finally impacted by the move to clean up the pond! Of course, Dr Thomas Issac is not referring to climate change, Delhi smog or the environment, but directly hinting about who was most affected by Modi government’s note ban order.
Kerala Finance Minister Dr TM Thomas Issac refers several times to this story of a pond that was under attack by a crocodile. To save the fishes and to catch the crocodile, the owner of the pond decides to drain the water in the pond. In the process of drying up the pond, guess what happened? It is the fishes that died whereas, the crocodile lived!
He further states, ”The story of the note ban and how it affected people is similar to the story of the crocodile and the fishes – we know who died and who lived. People supported demonetisation because they wanted to see those hoarding black money to be punished and brought before the law. The sufferings and losses had to be borne by ordinary Indians and workers. Modi’s supporters praised this as a move to crack down on black money hoarders and many actually believed this to be the truth. This is exactly the perception that Modi had wanted to make people believe. Also, the Centre expected that a gain of Rs 4-5 crores to come back into the system. Given that the old notes have to be brought to the banks and black money hoarders are unlikely to come to the banks, they were forced to either burn the notes or hide it by some means or the other.”
”It has been reported that 99 percent of the banned notes have come back into the system and besides, there is more to be taken into account. The big fish escaped, but what happened to the poor fishes?” Dr TM Thomas Issac asks.
The impact of demonetisation took everyone by surprise including the Centre which expected profits to stack up on the balance sheet but that did not to happen, Dr Thomas Issac points out in his ‘Deshabhimani’ column. He further indicated that note ban was also a move to destroy Kerala’s small co-operative banks but the state government took strong measures to protect the co-operative banks and minimise the negative impact.