An overwhelming majority of respondents who voted in a News18 Twitter poll have said that India’s banking system has failed the demonetisation drive as Income Tax raids unearth crores in new currency notes even when citizens queue up before ATMs that are fast running out of cash.
People were asked to vote on three questions on News18’s Twitter handle. The results are as follows.
The first question was on if India’s banking system was failing the demonetisation drive. Of the 1,711 votes cast, 72% said yes, while 28% said no. The feeling is that the banking infrastructure is unable to keep up with the overnight decision to demonetise currency, with daily circulars from the RBI changing the norms for currency withdrawal only adding to the confusion.
Another question was whether the stashes of new notes seized on an almost daily basis point to leakages in the banking system? An astounding 93% voted yes and only 7% said no. A total of 1,407 votes were cast. Obviously, people are getting agitated about the delay in laying their hands on cash and are pointing fingers at banks, saying they are colluding with businessmen to change large chunks of old currency to new.
The third question was whether demonetisation been hijacked. A total of 1,443 votes were cast, and 65% voted yes while 35% voted no. Again, the month long chaos witnessed after demonetisation has given rise to an impression that the exercise has been hijacked. The feeling is that the holders of black money have been a step ahead of the government in evading the tax man and the tax laws and whitewashing their ill gotten money.
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