14 January 2017
On Indian scrapping of high denomination currency notes, our anchors had a lot of hysteria how inhumane this act of the Modi government was against its people. These Anchors, the present day’s highest level perfect intellectuals in all fields, forgot that early 1970s we also scrapped our highest currency which then was Rs. 100/- note. In the Indian case a little time margin was given to the people to get currency exchanged, whereas in our case no margin was given at all. 08.00 evening national news bulletin announced cancellation of Rs. 100 note and giving a 3 days (or perhaps 5 days) for depositing in the banks when even the beggars brought “jute bags” full of currency to banks. Nations have sometime to take such tough measures as we took early 70s.
2. During 80s and 90s, I witnessed that whenever the Government refuted that there was no move to devalue the currency, illiterate and semi literate Pakistanis started holding remittances because they always took such denials that the devaluation was on the way. And in a week or three it always proved true.
3. There had recently been some voices that in order to unearth the ill gotten black money, our Government should also scrap Rs. 10,000 and Rs. 5000 denomination notes. The Government has vehemently denied if such a move was under its consideration. Experiences teaches “just wait, it is coming”.
4. After nuclear tests foreign currency accounts were seized “rightly” as it was perhaps the cry of the time but it was done, as usual, with adulterated intent. And that is why the move did not produce the desired results rather failed to achieve the goals. It dawned later that the night the announcement was made, earlier in the afternoon colossal huge from the “elite accounts” specifically from the ruling elite had flew out during few afternoon hours the almost empty accounts laughing at the nation. This is why, perhaps, from amongst other reasons, the Article-6 on Musharraff is tooth and nail resisted effective 1999 and insisted effective 3 November 2007. The other day talking generally on Panama scandal, Dr. Farrakh Saleem in the talk show stated that Nawaz Sharif had three tenures and in each tenure there had been a scandal. He recalled in the first one was co-operative scandal which cleared the accused and the concerned judge became Senator. In second tenure came currency accounts. This outflow money data still can just on a finger tip on the computer can be retrieved but no one would ever do rather may be some Shamsulhaq now clean the disc permanently.
5. Any potential scrapping is being denied. The currency-accounting-machines got tired counting the currency recovered from one single Raisani. How much unaccounted-volume of currency bags are lying in house of other Raisanis, in car basements of any Memons, in boats ready to travel towards Gulf etc. an ordinary like me can’t even guess for. It needs much time to get all such high denomination currency safely and conveniently replaced with small notes of Rs. 100 or converted into gold/prize bonds or fly out. Only thereafter would come the announcement.
On Indian scrapping of high denomination currency notes, our anchors had a lot of hysteria how inhumane this act of the Modi government was against its people. These Anchors, the present day’s highest level perfect intellectuals in all fields, forgot that early 1970s we also scrapped our highest currency which then was Rs. 100/- note. In the Indian case a little time margin was given to the people to get currency exchanged, whereas in our case no margin was given at all. 08.00 evening national news bulletin announced cancellation of Rs. 100 note and giving a 3 days (or perhaps 5 days) for depositing in the banks when even the beggars brought “jute bags” full of currency to banks. Nations have sometime to take such tough measures as we took early 70s.
2. During 80s and 90s, I witnessed that whenever the Government refuted that there was no move to devalue the currency, illiterate and semi literate Pakistanis started holding remittances because they always took such denials that the devaluation was on the way. And in a week or three it always proved true.
3. There had recently been some voices that in order to unearth the ill gotten black money, our Government should also scrap Rs. 10,000 and Rs. 5000 denomination notes. The Government has vehemently denied if such a move was under its consideration. Experiences teaches “just wait, it is coming”.
4. After nuclear tests foreign currency accounts were seized “rightly” as it was perhaps the cry of the time but it was done, as usual, with adulterated intent. And that is why the move did not produce the desired results rather failed to achieve the goals. It dawned later that the night the announcement was made, earlier in the afternoon colossal huge from the “elite accounts” specifically from the ruling elite had flew out during few afternoon hours the almost empty accounts laughing at the nation. This is why, perhaps, from amongst other reasons, the Article-6 on Musharraff is tooth and nail resisted effective 1999 and insisted effective 3 November 2007. The other day talking generally on Panama scandal, Dr. Farrakh Saleem in the talk show stated that Nawaz Sharif had three tenures and in each tenure there had been a scandal. He recalled in the first one was co-operative scandal which cleared the accused and the concerned judge became Senator. In second tenure came currency accounts. This outflow money data still can just on a finger tip on the computer can be retrieved but no one would ever do rather may be some Shamsulhaq now clean the disc permanently.
5. Any potential scrapping is being denied. The currency-accounting-machines got tired counting the currency recovered from one single Raisani. How much unaccounted-volume of currency bags are lying in house of other Raisanis, in car basements of any Memons, in boats ready to travel towards Gulf etc. an ordinary like me can’t even guess for. It needs much time to get all such high denomination currency safely and conveniently replaced with small notes of Rs. 100 or converted into gold/prize bonds or fly out. Only thereafter would come the announcement.
