The Hope of Trust

The entire monetary system is built on just one simple thing – Trust. The trust people have in the promise written across that little piece of paper is what makes our banknotes valuable. And the entire system works on this one emotion that cuts across all strata of the society.

Just a few days ago this very Trust was brought to test. The Government decided to suck-in around 85% of currency in circulation.  And overnight, an enormous chunk of banknotes ceased to be legal tender. While a large majority of us hailed the decision for numerous reasons, most failed to see the emotional turmoil in billions of eyes whose ‘Trust’ in the system had been questioned.

Thousands of people frantically ran through hospital doors because the money they had withdrawn for their loved one’s treatment just turned into sheets of printed paper. The domestic worker who had an ID in her village thousands of miles away. The daily labourer who crossed state borders with a hope of making a living and giving back to his family, in far off villages, a better way of life. The under-age child who ran from an abusive home to work in the sooty corners of a hotel. The road side chai-wala who dared to dream big. The vast majority of those in rural villages across India where banking facilities, that people like you and me take for granted, are not as common as in urbanised colonies. They all felt the heat. They all lost a breath. Many hopes were shattered. And they all lost the Trust – at least for a moment, let alone the days that followed.

The Government had put in place mechanisms to avoid large scale social disruptions. They had thought of quite a few steps to ease the pressure off the common man. The Rs.4000 exchange scheme, the Rs.2000 and Rs.10000 withdrawal options, the 2.5Lakh deposit option without any scrutiny and the few places where the old notes could still be used for a certain period. All measures were communicated across all possible mediums to ease the pressure off. And while the media played tune to the promises announced, immensely large number of people never made through the ATM queues in time. Many never reached the banking counters in time (before the available notes dried out). And many common men and women never got to withdraw the Rs.10000 that was legitimately lying in their accounts because of insufficient pieces of paper with the promise.

But all through this chaos, it is the very emotion that I mentioned earlier that kept India Shining (with no political agenda/affiliation to those words). The Trust that the common man had in his elected Government. A Trust that all this pain would lead us into a better and more prosperous nation. A Trust that India is ‘my’ country!

Ever since the invention of the smart phones, I don’t think people would have spoken to each other with so much concern and attention like they did during these few days. News came in from various corners of sincere help and brotherhood shown by many in the long queues outside banks and ATMs. News came of many households giving a lending hand to the needy servant, driver, gardener, newspaper boy, watchman, neighbour and many more who were feeling quite insecure and confused.

What these steps will do to Black economy in the long run is arguable. There will be fanboys as well as hate mongers vehemently debating about the steps and its intentions. The fonts used, the pictures used and even the branding done on the notes are surely arguable. The around 12,000 crores spend in just printing the new notes and god knows how much more to distribute them across are things that can be further analysed. The timing of this announcement, from its link to elections to the sales tax returns filing dates after a Diwali period, can be seen with scepticism.

But one thing is sure. There are huge expectations of the common man who went through all this toil without a grumble. Whether the nation will be able to deliver on the expectations is only to be seen. There is quite a lot of hope behind the trust they have shown during these unprecedented times. And losing that Hope will be very painful and long lasting.

In all this, I truly hope the mechanisms are ready to manage the white economy (atleast an off-white one) that we foresee. The shortfall in funding for the crooks and the frauds across all strata of the society is not something you can blindly ignore. The creativity they might adopt to adapt to these new times might just be more painful than what we are trying to do away with. The kind of data that will be available with the various stakeholders could create very serious consequences, especially in the absence of a matured privacy law in the country. On the other hand, the data security standards of the various stakeholders that will get access to this huge database is alarmingly shocking.

Rome was not built in just a day. Through all this doubt and chaos, I see hope. I see many people who have realised the value of every single penny. And for that matter they have understood it better than they ever had in their lifetime. Quite a many have felt a bond of brotherhood with those around. It is a positive social psyche that would be good for mankind. And in this trust, we all stand together as one big nation. And hope to see the same commitment and perseverance that went into building Rome! Jai Hind.