Women in anguish over Demonetisation?

Demonetisation or note ban after over one hundred days face a tough challenge to settle whether the November 8, 2016 political masterstroke succeeded to achieve economic goals and political results or lost ground to its failure. But there is a silent anguish among women against the Government’s inability to acknowledge and appreciate the active participation by all urban as well as rural housewives, service-class and professionals with their complete involvement in the banking exercise in long endless queues for indefinite hours to ensure ‘Black Money’ is unearthed.

 The Economic Survey admitted that demonetization created uncertainty and immediate adverse impact and hinted to reports of some job losses, decline in farm incomes and social disruptions. It also noted that RBI should take steps to remove the fears, if any people may have about using or withdrawing cash. Initially, it looked demonetisation was targeted to demolish black money and eliminate use of counterfeit currency by the terrorist outfits. If the demonetisation hit hard any one it really were the women across the country.

 Every woman searched their lockers, suit-cases, purses thoroughly and even didn’t spare children’s piggy banks and went for voluntary disclosures to surrender each big note of their ‘secret savings’. Women amidst post-demonetisation joined their men and accompanied them to ATMs even at late night to ensure two withdrawals. Woman claim despite repeated dis-appointments they didn’t care to return home empty handed time and again. It was their earnest effort to ensure deposit old notes limited to 4500 rupees and withdrawal of remonetized new currency notes limit set at 2000 rupees in a peaceful manner.  

Women suffered fatigue, stress and spend sleepless nights in standing in long endless queues for indefinite hours without water, food and didn’t care about children. Their participation in queues demonstrated discipline and ensured peace in maximum crowded places. Women managed banking (deposit & withdrawals) & ‘kitchens’ together. Ms Suman Ranola, an Architect said, “We collected each note in the family and did not even spare children’s piggy-banks to avoid wastage. Our savings have finished and came to zero. Who appreciated our efforts”? Women suffered due to severe shortage and non-availability of new currency. The entire exercise was exhaustive and worrisome as the deposits, limited to 4500 were to be complete within the stipulated period of 50 days and these old notes were valid for some limited Govt. agencies and

consumer supply points like chemists, milk-booths and other essentials.

Except some clashes, the entire banking process (deposits & withdrawal) in first 50 days in post-demonetisation over all remained peaceful and possibly credit goes to women participation. There were some deaths, 100 or so who died for either natural or routine medical reasons developed for staying overtime in queues.

Women came out, joined long endless queues, voluntarily to deposit or withdraw money and preferred men to attend or continue with routine or vice versa. On the contrary, men from every family joined ‘mission withdrawals’ cash from ATMs after office hours late night subject to cash availability. In reply to a question Ms Sumika R Aggarwal, Ex-Manger HDFC bank replied, “Demonetisa- tion seemed a decision in haste and without complete home work. RBI seems didn’t anticipate the practical difficulties in cash withdrawals. Mis-management, long queues and cash crunch in banks/ ATMs really worsened the scene. Govt. didn’t appreciate women efforts”.

To arrange extra-cash, being marriage season one had to struggle and run from pillar to post. While offering her views, Dr. Seneha Santoshi, Assistant Prof. Amity University said, “To unearth Black Money was an excellent idea but mis-management at banks, deposit & withdrawals wasted our precious hours. Our salary accounts got reduced to instalments of 2000 rupess”. Whereas another, academician Amity University Dr. Sheetal Shirodhkar, Assistant Prof. (AP-II) claimed, “The females lost all the money they had kept aside secretly. They can no more slide a few notes in their secret savings”.

After 100 days of demonetisation and pumping of remonetized new currency 2000 rupee notes the situation is yet to return to normal. RBI may succeed to do so by the end of March’17 in urban areas but it will certainly take some more time for rural areas and villages. Around 100 precious lives have been lost between November 9 and December 30 and some opposition parties demanded compensation for the families, who lost their dear one’s standing in queues for hours without food and water outside banks/ATMs. Another banker, Ms Vatsala Gupta, Sr. Manager, Yes Bank Corporate Office straight forwardly remarked, “Housewives have lost all confidence in saving cash. We will go digital in saving

secretly now depending upon the future circumstances”.  

Now, the RBI/Govt. pushes to shift to cashless economy, e-banking, Paytm’s or other available apps, today. But an IT professional, Kanika Khurana, Application Analyst commented, “Demonetisation robbed us of all energy and hard-earned ‘secret savings’. I doubt, if cashless, Paytm or other apps will pick up immediately. This will take some more time”.

Today, every family faces a valid question as how to restore financial lordship to  women, the real ‘Home Makers’ and it couldn’t be possible in the past 100 days of demonetization. No doubt, e-banking is already there in use and to give priority to new apps. as Paytms etc. than cash-system it needs us to give a helping hand to our life-partners as Govt. promotes cashless. However, it seems appropriate for Govt. to recognize and appreciate women’s role played particularly in first 50  days to neutralise the anguish. Today, women in routine interaction charge that demonetisation proved a big tool to reduce them to zero.