A year on, NRIs debate effects of note ban

This day a year ago India's financial base was hit by a tsunami as the Rs 500 and Rs1000 currency notes went into oblivion. The next three months were devastatingly difficult and the unilateral decision divided the country into for and against like no other issue ever had.

A year down the road the divide still exists and on the first anniversary both the supporters and those cynically hostile to the Narendra Modi initiative are far more vocal about their stances. NRIs who often feel they got the short end of the stick and were among the last to be given attention also vary in their opinions.

Revealing figures earlier this year indicated that of Rs15.44 trillion circulating in the country in those banished denominations as high as 99 per cent had been rounded up by the Reserve Bank of India. The logical corollary to this is that those who were hoarding black money were largely able to get rid of their ill-gotten wealth through conduits that had been overlooked in the hasty implementation and duck the taxman's net, thereby making the exercise onerous and pointless in achieving its aim of bringing the corrupt to book.

As media gears in India to take sides on Wednesday and social platforms sizzle with vitriol and shrill support non-resident Indians (NRIs) also staked a claim on both sides of the fence because what happens back home does directly concern them. Surender Singh, Chairman of Al Dobowi Tyres was unequivocal in his defence of the move. "It is the best thing that happened to India in fiscal terms. It made us truly appreciate the value of government and our responsibility as citizens. We all have a debt to society and we have to pay it and the only ones who are protesting or mocking the move are the ones who were reneging on their civic duty."

Herman Lewis who runs the popular Radio Spice FM station feels that there are both negative and positive elements in the action. He believes the process is still not complete and while corruption has been contained the arts and the creative process has been badly hurt, people are confused, there is a cash crunch still but the voices from the creative arts fail to echo in the corridors of power.

Rajesh Pareek, Grup CEO at Musafir.com would not render an inch to the doubters. "It is the greatest fiscal move ever as far as India is concerned. It has worked and it has had a direct and forceful impact on the corrupt practices. I feel things are much cleaner now."

Dr Atul Kumar, a longtime medical practitioner in Dubai echoes the sentiment. "Of course, it has worked,' he says vehemently, "Only the unscrupulous are unhappy, the salaried folks are all delighted with the process and you have to break eggs to make an omelette. This was a bold move and a necessary one. Tax evasion has reduced dramatically."

A colleague, Dr Vijay George, is less generous in his assessment. "It is probably well meant," he says, "But it is causing a fair amount of hassles like I cannot sell my property, the hassle factor has increased, even when you are being honest, there is impediment."