Money, money everywhere, not a note to spend
I COULDN’T COMPREHEND HOW MY HARD-EARNED MONEY HAD TURNED BLACK OVERNIGHT
It’s been almost three years since the demonetisation of higher denomination of currency notes was announced in the country but bittersweet memories continue to resurface time and again.
Currency notes worth ₹500 and ₹1,000 became redundant overnight on November 8, 2016, resulting in everyone running helter-skelter to exchange, deposit or spend higher denomination notes. No one remained unaffected and everyone has a story or two to tell about the repercussions of the decision that caught them unawares.
For me, it was business as usual on the day of the crucial declaration. I was busy examining patients at my clinic as the nearby chemist came running into my cabin to break the news of the sudden metamorphosis of the coveted currency notes into mere pieces of paper. Though perplexed, I continued examining the ill and infirm till it dawned upon me at the end of the day that everyone had paid consultation fee in ₹500 and ₹1,000. Patients didn’t even bother to collect the balance. They were able to reassure the staff that they had enormous faith in the family doctor and won’t mind collecting the balance later.
Pregnant women with their deliveries still a month or two away didn’t think twice before depositing the entire hospitalisation expenses in advance to my gynaecologist wife in the form of the soon-to-be-out-of circulation notes. Subsequent visits didn’t yield any dividends as the consultation fee was adjusted in the notes of higher denomination deposited in advance. Suddenly, a smalltime doctor slogging to make ends meet was flush with funds but alas only in the denomination of ₹500 and ₹1,000!
With dengue and chikungunya in full swing, I had no time to queue up at the bank to exchange the invalid currency. In the meantime, my cash register kept ringing with ₹500 and ₹1,000 notes. I had hit the jackpot without even buying a ticket.
On the home front, things didn’t look rosy either. My son, daughter and wife were quick to declare their hidden assets rendered worthless overnight. I was amazed by the startling amount they had been holding on to. My mother called up the next day to reveal her precious savings. I found myself in a situation that can be summed up as: Money, money everywhere, but not a note to spend.
As the situation threatened to spiral out of control, I turned to my accountant friend for help. His initial reaction to my tragicomic story was, “Really! I never knew you were rolling in so much wealth.” Trying hard to maintain my composure, I requested him to suggest a solution. He said, “Disclosure! Disclose all the black money you are hoarding, pay taxes and come clear.” I couldn’t comprehend how my hard-earned money had turned black overnight.
Time is a healer though an old currency note or two keep emerging from the pocket of a jacket or the infrequently used purses of my wife to remind us of the ordeal. Recently, my wife stumbled upon a bagful of shagun envelopes received as gifts on my son’s birthday before demonetisation. “What should I do?” she asked. “Well, nothing much, I suppose,” I said, leaving her with the cache of invaluable cash.