Pvt banks uncooperative
Apropos of the editorial “Beyond demonetisation” (FE, November 10). Despite the guidelines from the banking regulator and the Indian Banks Association, some of the private sector banks are not scrupulous in helping the public to exchange the cancelled legal tender of R500 and R1000. Inspite of the fact that account-holders can deposit the specified bank notes into the account without producing identity proof, some of the private sector bank’s branches are reluctant in allowing to deposit the cancelled legal tender of 500 and 1,000. Though the demonetisation of Rs 500 and Rs 1,000 has been implemented with the objective of unearthing unaccounted money, eliminating terrorism financing, and corruption, at the micro level, the common man is under mental agony and stress due to the various hurdles in exchanging the notes and withdrawing the money to meet the daily needs. It is obvious that adequate precautions and arrangements have not been made for the smooth exchange of the specified bank notes, and many branches of the banks are not clear about the do’s and dont’s. The attitude of the staff working at branches should always be to resolve the genuine issues of the public irrespective of their status of being a customer or non-customer. Lot of people who don’t have any bank accounts, and keep liquid cash to meet the daily requirements have become panic,and as such they need to be supported to ease their difficulties. Attitudinal change and clarity are crucial for translating the demonetisation into action and to ensure fewer hardship to the common man.
VSK Pillai, Kottayam
Trump vs Hillary
Between the two contestants in the US presidential polls, the Democrat candidate, Hillary Clinton, appeared to have greater clarity in policy perceptions. She was certainly not a weak candidate and hence her defeat came as somewhat shocking. Clinton was gracious in defeat while her Republican rival, and president-elect, Donald Trump’s good gesture in crediting Clinton in his victory speech is and admirable. That should be the underlying spirit to stay united for the nation’s cause eventually. Paradoxically enough, the general feeling in the US after Trump’s victory is not however one of optimism. Perhaps, it is a matter of time before he lifts up the sentiment. “I am president for all the Americans” is a great and encouraging statement from Trump.
Srinivasan Umashankar, Nagpur
Demonetisation a bad idea
The idea that the high-value currency notes are the medium of hoarding black money is a flawed one. Black money is often invested in land, gold, etc. Similarly, it seems a widely-accepted proposition that black money is deposited in tax havens like Switzerland and routed back to India via the Mauritius route. The prime minister addresses the nation via television and announces the decision at 8:00 p.m. and the demonetisation plan came into effect within hours.It has certainly led to chaos and confusion. It would have been ideal to announce the date of demonetisation in advance, as was done in 2014 as regards notes printed before 2005. This would have saved the common man from the chaos which has been inflicted upon him.