Demonetization Effects: Prime Minister Narendra Modi’s “masterstroke” to demonetise Rs 500 and Rs 1,000 notes could be reduced to a “nasty partisan conspiracy” or a “costly political joke” if it fails to deliver on its high-sounding promises, Chinese official media commented. “While it takes political courage to launch such a trailblazing and massive campaign; it actually takes far more wisdom to give it a happy ending,” an article in the state-run Global Times said.
“Given the fact that people have to pay an absurdly high price for the expected reform, if BJP fails to deliver its high-sounding rhetoric and promises, then Modi’s much-lauded ‘masterstroke’ or ‘big bang reform’ will likely be reduced to ‘nasty partisan conspiracy’ and even a ‘costly political joke’,” it said. The article noted that demonetisation is by no means new to India.
However, rooting out India’s perennial and enormous black economy has never been an easy mission, it said. “If Modi fails to supplement the blitzkrieg reform with more enduring and fundamental measures, any beneficial effects the reform has created may evaporate quickly, even if Indian people have paid an absurdly high social and economic price so far,” the article said. The demonetisation may also benefit BJP, it said.
Demonetization Effects People are affected, there may be riots: Supreme Court
The Supreme Court on Friday warned that there “may be riots” and refused the government’s plea to stay cases filed against demonetisation in High Courts and lower courts across the country, saying ‘how can we shut our doors to people when there is a problem of such magnitude.”
A Bench led by Chief Justice of India T.S. Thakur noted that people have started becoming “frantic” for money, braving queues for hours. The very fact that cases are being filed in courts all over is a signal that the problem is “serious and of magnitude,” it observed.
“They are going to the courts for relief. We cannot shut our doors to the people,” Chief Justice Thakur pointed out,
The Bench said it can consider the plea only to the extent of transferring the cases to Delhi.
“This is very serious. This is will require great consideration. People have become frantic, people are affected… There may be riots,” the Bench, also comprising Justice Anil R. Dave, voiced its apprehensions to Attorney-General Mukul Rohatgi.
Mr. Rohatgi responded that there is no such tense situation prevalent. “That is completely wrong. People are patiently standing in lines,” he said.
“No. There is suffering. There is difficulty and you