While demonetization might be well-intentioned, the poor execution such as empty ATMs may lead to a lot of suffering for ordinary citizens. - Chetan Bhagat
While’s India’s self-proclaimed intellectuals often look down upon Chetan Bhagat and his work, India’s best-selling author has some very keen insights into what the common man is thinking. On Saturday, the One Indian Girl author took to Twitter to explain that while the government’s move to demonetize Rs 500 and Rs 1000 notes might be well-intentioned, the execution has been poor.
He wrote on Twitter: “While demonetization might be well-intentioned, the poor execution such as empty ATMs may lead to a lot of suffering for ordinary citizens. To queue for several hours to find an empty ATM for Rs 2,000 of your own money is no fun. Execution of an idea as important as the idea. Incompatibility of notes, small limits, limited number of bank branches and the massive swapping required - did they run through scenarios? All Indians being asked to prove they aren't criminals and their money is legitimate. Least u can do is not make them suffer while doing so Don't use patriotism as an excuse for bad operations research type planning. What's not going well has to be told, in national interest I love my country.”
He added: “I am all for cleaning up economy. I am for big ideas, like demonetization. However, I also think execution is important. It will be sad if good idea to clean up economy becomes political negative for govt who did it. Will discourage. Hope execution fixed soon. People on twitter are digital savvy, comfortable with digital payments world. Most real sufferers of liquidity crunch not on social media. Wonder why the size of the new notes was changed, taking them unusable in existing ATMs, esp when secrecy meant u couldn't modify ATMs. Changed physical dimensions of notes made them incompatible with ATMs. No need to justify that mistake by saying stand in q for patriotism.”
Arun Jaitley said on Saturday it would take time for banks to make changes to automated teller machines to dispense the new bank notes as millions of people lined up at branches to get cash. Arun Jaitley said ATMs had not been calibrated before the announcement this week to demonetise 500 and 1,000 rupee notes for secrecy reasons. "It is a massive operation, it will take time." Congress party leader and lawyer Kapil Sibal on Saturday questioned the centre on demonetisation issue and asked why common persons like him had to stand in line when the bank account and the money was his. Stating that the decision was not well thought out one and made in haste, Sibal said,"my question is...account is mine, money is mine, then why should I stand in a line."
Delhi Chief Minister Arvind Kejriwal today alleged that the Bharatiya Janata Party had informed its friends about the demonetisation of currency notes before hand and claimed that he had evidence to prove his charge. He also demanded a complete rollback of the move as it is creating panic among the common people and giving rise to rumours of shortage of essential commodities. The allegations also come at a time when the people are thronging banks and ATMs to withdraw and deposit cash. The government had kept the banks shut for one day and ATMs for two days after the announcement in order to prepare for the rush for cash.
On 8th November, Prime Minister Narendra Modi announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. (
In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper." However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
He also announced that new notes of Rs 2000 and Rs 500 will be introduced. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
Banks will remain closed tomorrow and ATMs will also not function tomorrow and day after, Modi said. He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time. He also expressed confidence that political parties, workers, social organisations and the media will go further than the government in making it a success.
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 "Chetan Bhagat and Narendra Modi")
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