Sobering facts for Moditoon- Rajat Datta


Moditoons (Cartoons who love Modi) are crowing about the surgical strike unleashed by the supreme leader on `black’ money. Facts obviously don’t bother them, what matters is devotion. Here are some cold, sobering facts:
• 47 percent of Indians do not have bank accounts till date (it was about 54 percent in 2014).
• About 43 per cent of these bank accounts are dormant.
• 30 crore Indians don’t have any identity papers.
• More than 80 percent of money circulating in the economy in 2015 comprised the now defunct 500 and 1000 rupee notes.
• The villages, small towns are almost entirely (100 percent) cash-using.
• The all-India average of cash dealing is 80 percent.
• Rs 16 lakh crore has to be infused into the economy in the next week or so to sustain this kind of cash usage.
• New 500 rupee notes haven’t been introduced, and ATM machines have to be recalibrated to take the new 2000 rupee notes.
• Jaitley has said that these will take a minimum of two more weeks.
• Only about 6 percent of `black’ money is in cash.
• Therefore, to flush out 6 percent, India is being made to disgorge 94 percent of its `white’ money.
• In the meantime the credit less poor are being fleeced to the extent of 25 to 30 percent by sharks for exchanging their old notes.
• Modi’s demonetization has impoverished the poor on an unprecedented scale


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