Honourable Supreme Court of India has fired to a citizen, who holds highest authority to govern this country the following questions on 09.12.2016 :
01.Can you put what you had estimated when you took the decision to scrap Rs 500/- and Rs 1000/- notes?
02. Or did you take decision just like that ?
03. If you had thought notes worth Rs 10.00 lakh Crore would come back to the Banks,did you takes steps to urgently put in that much of new currency back in circulation ?
04.Can you produce the cabinet note before the decision was taken ?
05. Can you tinker with fiscal policy?
06. If by Wednesday you intend to rework a cash withdrawal limit to make it possible by Banks to honour it and not ask citizens to downsize their demand citing insufficient cash ?
07. If the government headed by him would permit co-operative banks to receive deposits under stringent guidelines to meet the essential need of firm sector ?
I do not know, how the above named citizen will reply to honourable Supreme Court of India, but I on his behalf produce some imaginary replies as under :
01. You Honour, at the very outset I am to deposit that I had an imagination, have a dream for my country , but I did not plan properly.
02. I should have taken into confidence all the CEO and Chairmen of entire banking fraternity along with my colleague who looks after finance portfolio for planning and preparedness for maintaining sufficient cash flow after demonetisation..
03. I have acted upon confidentially with two top brass of Central Bank of the country and my colleague responsible for finance only and rest of my cabinet were put into darkness.So, I cannot produce any cabinet note to Honourable Court.
04. While trying to fulfil my cherished dream of digitisation corruption free country I could not earmark the followings. that,
a) There is a saying that there are black sheep in hard of white sheep, You Honour! I could not imagine that some members of Banking fraternity are are also corrupt and they would rather help corrupted people to turn black into white.
b) The currency of 11000 to 12000 crores I have taken out of circulation while I failed to replace with new in same proportion and ordinary citizens are struggling in crossfire.
c) I could not properly earmark that only 56% of population of the country are under banking umbrella and out of which only 10% are doing digital transactions.
d) I failed to estimate that around 70% of our population stay in rural and are farmers.We have only one wholesale digitised mandi in Karnataka and rest of the transaction throughout the country are done in cash only.
e) I also could not realise that abrupt demonetisation may cause serious problem for farmer during this sawing and harvesting season, because all such transactions in rural India are done in cash only.
f) You Honour! I tried to bring un-banked people into banking arena. I arranged to open 7.5 Crores 'No frill account' for such lower class people, but I never estimated that unscrupulous people will take advantage of this and use these accounts for making black into white.
g) But, your honour ! I have managed to unearth huge amount of unaccounted cash and gold from different location of the country. I agree totally this is only tip of iceberg and giant portion of the pie is lying outside the country which I failed to unearth till date.
h) By doing this I have reduced the projected GDP of the country from 7.6% to 7.1% and for doing so I have got heavy criticism from noted economists and Nobel laureates across the globe; although I have been adjudged a better economist than those Nobel laureates by some of my fellow citizens of country
i) You Honour! I still believe firmly that this problem is temporary for the economy in short run, but it will hold good for economy in long run.
05. Meanwhile, I am pleased to note that Honourable Supreme Court desired to think after Fiscal Policy from now. If so I will be very much obliged that some of my job will be taken away from my shoulder.
06. Your Honour! Although I could not act upon properly due to reasons manifolds as I have deposed, but I request the Honourable Court to allow my time at least up to 30th December 2016 as I prayed to the nation also to rectify the defects and still I hold the dream of making the country a cashless nation and bolt the final nail into the coffin of corruption. And that all I have to say Your Honour ! Jay Hind!












