November 18, 2018

Victim of Own Success – Demonetisation

what is the government up to?

It is well known fact that the PM has taken the onus of announcing Demonetisation and also thanked the citizens for the support all throughout.

A lot of ATM shutters are still down, INR 500 still not being dispensed from ATMs at mojority of the places, a lot of branches still not giving weekly quota to customers and to add to the problem we hear of additional fee per transaction. No clue whether it is done in the knowledge of PM or not but the citizens will look at him for waving this additional fee.

Despite the opposition and media hell bent on proving Modi wrong and ensuring that it fails the citizens stood by the PM. For what? Just to get slapped with more financial burden.

There is something seriously wrong somewhere.

Each individual is a citizen and a customer too, besides being a voter. As a customer I want to invoke my right to ask that I am penalised for not maintaining minimum quarterly balance, I have to pay additional fee if I use additional cheque leaves than the quota, I have to pay additional fee if I exceed my monthly quota of using the ATMs for cash withdrawl.

Why not have have the same penalty levied on the bank for failing to provide service from Nov 9, 2016 till date. The implementation of penalty can’t be one sided. Someone in the government has to answer this question.

What does the government wants to do? Less cash economy. How? By penalising the citizens, by penalizing the customers, by penalising the voters. I keep saying the government takes three steps forward and two steps backwards.

Kejriwal is famous and synonym for U Turns, is BJP trying to compete with AAP? If have no clue, but I do have a solution.

The government should extend the deadline from December 31, 2016 till March 31, 2017 http://www.business-standard.com/article/economy-policy/beating-cash-crunch-e-transaction-fees-atm-charges-waived-off-116111400255_1.html

Why withdraw when the targets are not achieved.

Long back Ms Sucheta Dalal had shared the concern on various bank fee to it’s customers. Nothing is done. Instead, of rewarding the citizens the government is penalizing. Some will say RBI has to chip in for all this. Fine in that case why do something half way.

What the government, RBI and banks can do is fix some amount as the base fee. May be upto INR 5000 single transaction will not attract any fee. Anything beyond that will attract a nominal fee. Citizens will accept that. But a mandatory fee on each transaction is contradictory and create more chaos than the government can handle. Is the government really serious on LESS CASH transaction. With less cash transaction, government saves money on printing, logistics, cash handling in branch, etc. Why not pass on the benefits to end customers.

As always will allow some screen shots to do the talking.

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Petroleum Minister has given temporary relief from additional charges at Petrol Pumps, what about other places.

Elections around the corner. Time to go back to drawing board BJP.

Picture Credit: Screen Shots of Tweeples. Thanks to all friends, Money Life for the link.


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