Black, White and Shades of Grey

Betty had some Bitter Butter, then she made some Better Butter to make the bitter butter better butter - a popular tongue twister during my school days.

Prime Minister Modi has unravelled his Better Butter (white) to undo the Bitter Butter (black). Will the resultant still be black or be black in patches or will be one of the ‘Shades of Grey’ is too early tell. Pundits say it can’t be all white! 

It’s also emerging that the exercise is not as simple as ‘to make the bitter butter, better butter’.  

While the exercise is turning out to be tougher than alchemy for the Government led by Modi, the black money holders are finding it easy to convert their black old notes into 22 carat gold at every equally unscrupulous Jewelry shops with doors open wide 24 hours a day.

For the common man the PM’s decision hit them like a Tsunami. The people (all Indians, minus the more privileged), who had been hit, have reposed their faith that the Tsunami would eventually cleanse the filthy black shores to spotless white, have plunged into the waves with no lifebuoys on, to swim with the tide. How many of them would survive the torrid waves, nobody is sure. But so far, blissfully, the patience holds. The same people, who had earlier survived several worse global economic crises and meltdowns have tremendous trust that they could survive this Tsunami too with their infinite ability for tolerance, frugality and the native Talisman - a string of red-chilly, lemon and a piece of charcoal that they hang on their doors to keep evil and trouble out of their homes. But do they know that during the past crises they had been kept afloat by an invisible life boat called 'Black Economy' that was and is larger than the real white one, the way one sees it? And that the bottom of the invisible black (economy) boat has been targeted and torpedoed, by the same exercise that they now ardently support. And they now float on the swirling waters, hanging on to nothing more than their talisman of red-chilly, lemon and charcoal as their only insurance?

I have reasons to say this; that the frugality would peak out and still not be enough to outlast the 50 days of sacrifice they had been asked to and that the tolerance would dissipate along with their ephemeral trust! Unless, of course, the PM stays the course as per his stated will to pursue the last person with Black Money, whoever he is, wherever he is, whatever he is and whenever he had stowed his Black Money, since independence!

As I said, the people now have reasons aplenty to suspect the will of the PM, though not his motives.

For one, the people don’t see the celebrities and politicians standing in the queue at banks, clamoring for the valid currencies, new and old. Going by my personal experience, the banks strictly refuse to entertain alibis who stand-in for others to exchange their currencies or draw from their personal accounts. So are there a privileged many who are more than equal, who have their currencies exchanged in valid denominations and delivered to them in their comfort of their homes, while the rest of us are left to the mercy of the elements? That’s not fair!

For another, we see newspaper reports that huge bundles of valid new currencies (Rs. 2000 denomination) were confiscated by the officials at regular intervals. How did the racketeers get them in the first place, without the support of officials in the chain of command and control? The people’s concerns may not be about the monies seized; small fry, in spite of the fact that they are huge hauls. It requires no imagination that such currency notes clandestinely issued through the back door to the swindlers are much larger in volumes than the ones seized and probably much more than those officially issued to the general public standing in the queues. That’s not fair!

Then, there are complaints that the secret program wasn’t quite secret after all. That it had been confidentially and selectively leaked out to those in the corridors of power; the ruling party elite and their choice cronies. That’s not fair!

For one more; the ostentatious wedding! While honest people from high, middle and low in the economic order have shown willingness to sacrifice and to lead a frugal life in the next 50 days in support of the clarion call of the PM, this is proof that the wayward political / industrial nexus that was the key to the generation of black money in the first place, are gleefully and openly challenging the PM’s authority and subverting the initiative. The Reddy, who has conducted his daughter’s wedding in a flagrant manner claims he spent Rs. 30 Cr of white money. Someone has highlighted that the wedding cost a whopping Rs. 650 Cr (USD 100M) of Black Money! The truth is somewhere in between. But whatever the truth, it’s a standing example of crass violation of morality and conscience that the PM has appealed for and supported by honest citizens of India by and large. It looks like the joke is on the same honest citizens!

This poses a test of the PM’s will, ability and credibility. That the Reddy in question is a member of the BJP, the ruling party and an ex-Minister and that the he has been charged for economic offences against the nation and removed as Minister for the same reason; that his patron, Yeddiyurappa had been removed as CM and leader of the state BJP for his nexus and support of Mr. Reddy and that subsequently he had been re-instated as party leader under duress and distress by the party Managers, are facts that has not been lost on the general public. Thus this test of trust could unravel PM Modi’s will to act fair to the people who trust him.

Going by our experience, Mr. Reddy will get away with his violation with not even a slap on his wrist. The valid new currencies issued through the back door to persons with privileges handed out by the political and social structures and to swindlers of this nation would continue and grow exponentially as new ingenious ways to ferret such currencies out of the legal channels are found; even as honest, trusting folks continue to be harassed, mauled, crippled or even dead standing in the raging lines to the bank counters that are happy to shut their doors on them, while pleased to keep the back doors open.

Going by the intolerable faculty for tolerance among the populace, a great Indian Heritage since ages, the PM would get away with his failure of the test of trust. Even if he happened to unearth an iota of the Black Money that exist, his ever reliable PR managers will blow it up along with their trumpets and the innocent trusting public will be pleased and honor him with votes.

Whatever the resultant Shade of Grey, the color of the new money (Rs. 2000 note) is brighter pink than the old Rs. 1000 note and double the value too. To that extent, the economy is in better ‘pink of health’ and a ‘rosier’ future is assured for us.