ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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‘DeMon,’ Nationalism, and Democracy

Demonetisation was an abysmal fiasco; the nation must be rescued from its ruling classes.

As we go to press, the Narendra Modi-led government and the Bharatiya Janata Party (BJP) have just celebrated 8 November as “anti-black money day.” It was on this day last year when Prime Minister Modi announced that in order to “break the grip of corruption and black money,” within four hours “five hundred and thousand rupee notes will no longer be legal tender.” This, without the Reserve Bank of India and the banking system being ready to replace all the 86% of the country’s total currency that was going to be withdrawn. What ensued was total disruption of economic life. Of course, Modi knew he was about to subject hundreds of millions of people to misery, inconvenience, suffering, and indignity; yet, astoundingly, his manner was one of utter calm and composure.

He was doing something that defied reason, but yet he appeared confident that the demonetisation—let us call it “DeMon” for short, given that Modi has a definite proclivity to unleash demons—would render the notes hoarded by all the seasoned dealers in black money “just worthless pieces of paper.” Those seasoned dealers, Modi surely knew, clever in the ways of business and politics, would soon resort to jugaad (unauthorised workarounds) to get most of their black money back into the legal banking system.

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Updated On : 22nd Nov, 2017

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