The Ram Janambhoomi Babri Masjid saga – the beginnings of politics

The order by the Faizabad district court, permitting worship of the idols was seen by the Hindus as a vindication of their stand and by the Muslims as yet another betrayal of their cause in practising their religious freedom. Even before the locks to the structure could be opened as per court protocol, they were broken and people started to flock in. The resultant tension and bitterness between the communities manifested itself in severe rioting and violence throughout north India. Muslims observed 14th February as a Black day, stating that not only the government but even the judiciary had failed them.

However, in order to understand the issue completely we will need to get back to the politics of it. Over the years, Jan Sangh had tried to mobilise the Hindu populace to get some political dividends but they had only limited success at an electoral level. Though RSS had impressive membership and reach as a social and cultural organisation, Jan Sangh were unable to reap the direct benefits of it. They also did not want political alignments with other parties like the left or Janta dal variants. The Emergency proclaimed by Indira Gandhi changed all of that and kind of forced the opposition parties to get together. Jan sangh went with the Janta Party, who won the elections in a handsome manner and had their first taste of being part of government. They were also one of the reasons for the unravelling of the Janta party, courtesy the dual membership issue with the RSS. After uncertainty of about a year when the elections were held in 1980, Indira Gandhi stormed back to power.

Jan Sangh had been rendered defunct in 1977 and the leaders found it senseless to be part of Janata party any more. This led to the formation of Bharatiya Janata Party. The philosophy it adopted as a theme was Gandhian socialism and the core Jan Sangh issues of Ram mandir, cow slaughter, article 370 and Uniform civil code were very much part of it’s agenda. It was still just finding it’s feet when the assassination of Indira Gandhi in 1984 October, saw elections being called for January 1985. In the wake of a massive sympathy vote, Rajiv Gandhi and the Congress swept the elections nationally. The BJP did abysmally and was written off by most political pundits. They got only 2 seats and even their talisman Atal Bihari Vajpayee, a parliamentarian since 1957 could not get elected.

The BJP floundered for the next few years as the politics in the country went through a turmoil. Rajiv Gandhi had a great start to his prime minister’s innings but soon Bofors, Sri lankan misadventure and other issues started to undermine his popularity and authority. VP Singh was the major challenger and to counter him, Rajiv Gandhi agreed to the persistent VHP demands of Shilanyas of the Ram temple. Little was he to know that he was literally releasing a genie from the bottle, which could never again be put back.

Rajiv Gandhi did not benefit from the Hindu votes in the 1989 elections and was forced to concede power to the Janata Dal government led by VP Singh. BJP raised their tally to 85 seats, mostly from North India, and supported the government from outside. Indian politics would change forever, in the next few years and Ram mandir and Ayodhya were very much the centre point of it.

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The Ram Janambhoomi , Babri Masjid saga – the genesis

Few controversies have whipped up as much as passion and frenzy as the Ram Janamboomi / Babri Masjid issue. Everyone in the country seems to have an opinion on it and there has been nothing else that can probably be claimed to be so divisive. The politics of the country, certainly the post 1986 period, has been very strongly influenced by it – so much so that the ascent of the BJP as a political force has been widely attributed to this issue. However, even with all of these, it is really surprising that very few people happen to know the facts accurately. This post is an attempt to correct that by documenting a timeline of this fascinating saga.

Well, where does one begin? If you are one of the so called liberals, singing praises of Islam and Christianity, while taking special pleasure in denigrating Hinduism then you obviously think Lord Ram was a myth. However, to millions of people, not only in this country but worldwide, Ram did exist and was born in the city of modern day Ayodhya. There was definitely a temple existing in Ayodhya, built in the place Ram was born. If your idea is to say that he was not a recorded historical figure then that is true for all founders of religion. More importantly, the sheer amount of literature, music and temples associated with Ram bears testimony to the fact that he was living at some point in time. The crux of the issue though is the temple – people who say today that there is no proof that a temple existed at the site are either ignorant or liars. The Allahabad high court had commissioned the Archaeological Survey of India ( ASI ) to find out if the temple did exist prior to the masjid being put up. Within a few months ASI submitted their report with incontrovertible proof that there was a grand temple, which was razed to the ground before the Babri Masjid came up.

With that basic premise in place, let us get back to the story. The structure called the Babri Masjid was ordered to be built by Babar and his trusted lieutenant, Mir Banki, constructed it in 1528. As this was done by razing an existing Ram temple to the ground, there was a lot of consternation among the population in Ayodhya, who were mostly Hindu by religion. However, during the centuries of Mughal rule, there was an uneasy calm though there was always simmering tension threatening to erupt. This emotive issue found strong voices and traction once the Mughals lost out to the British. Nirmohi Akhada which was a wresting club of sorts but had strong religious and spiritual overtones was at the thick of such efforts. There was an armed attempt by them to attack the Masjid, which was thwarted before much damage could be done.

This alarmed the British and they wanted to play the divide and rule strategy that they were famous for. Their administrative solution was to divide the area into two and allow the Hindus to put their idols and conduct worship in one part. This did not satisfy the Ram devotees as their contention was that the birthplace of Ram was on the spot where the Babri Masjid stood and the sanctum sanctorum of their temple should be that place. Over the years there were attempts to construct a temple in the area designated for the Hindus but the Muslims opposed it vehemently. The most strident confrontation took place in 1883 and it was somehow managed by the British and some sane voices.

Between 1883 and 1934 there was sporadic violence related to the site and the bad blood caused by this was one of the factors why the two communities substituted amity for hatred and mutual suspicion. Matters came to a head in 1934 when there was widespread violence in Ayodhya and adjoining areas of UP. The British administration tried to contain it as best they could but by then they had their hands full with the ongoing freedom struggle. The positions of the two communities got entrenched in the period 1934 till independence in 1947. The formation of Pakistan had diametrically opposite effects on the two communities. While the Hindus felt betrayed by partition and the associated violence and thought that they should now have the temple in a country where they were the majority community, Muslims wanted to feel secure in the fact that their religious rights would be protected as a minority in India.

What happened next is fairly dramatic and can be interpreted with different angles, based on which side of the divide you put yourself. On 22nd December 1949, a group of hardcore Hindu fanatics entered the Masjid and put the idols inside. From the next day there was a huge uproar in the country from both communities who indulged in blame games. Hindus saw this as a miracle and a sign that the Ram temple must be built. The Muslims played the victim card and cited how they were betrayed by the majority community and wanted status quo to be restored. The central government headed by Nehru acted swiftly in the matter by locking up the place. This was good for the Muslims – though they publicly stated that the Masjid should be open for prayers etc, the reality was that prayers were never held there for long. The Muslim game plan was not to allow the Hindus to get the satisfaction of a grand Ram temple there.

The Hindus were livid with Nehru’s decision and saw it as an example of them being second class citizen’s in their own country. The rise of Hindu nationalist parties of all kinds and the growth of cultural organisation’s like the RSS, owed in no small part to this treatment. Over the years, Jan Sangh grew in popularity, albeit not having  critical mass to win many Lok Sabha seats. Though the issue always figured in the public discourse, the communities moved on with other aspects of life and a developing nation had a lot to look forward to.

This however, did not mean that the Ram temple was forgotten. There were legal and political efforts ongoing to make the Hindus worship their idols, which were now under lock and key. Out of all these efforts, some legal success came in the year 1986. On February 1st the Faizabad district court ordered the locks to be opened and gave right of worship to the Hindus. At long last, they seemed to be getting somewhere with their aspirations of building a grand temple at the birthplace of Lord Ram.

However, this started the next part of the saga which I will write about in the next post.

A dispassionate look on demonetisation

Now that the dust and din have settled on the actual amount of cash returned to the banks on the demonetisation initiative, there are clearly two different camps that have emerged. The government and supporting voices are insistent that the drive has been a success and will have great long term benefits for the economy and country. The dissenters question the move and say that the data now proves beyond any shade of doubt that the move was completely ill advised.

Let us look at this from a fundamental perspective to understand what has really happened, why it has happened and what is the likely fallout. To begin with the objective of demonetisation was to unearth the huge amounts of cash that was being used in an unaccounted manner in our economy. It is important to understand that the proportion of cash in the black or parallel economy is a small percentage, nearly 6 %. The bulk of it is in real estate and other assets. However, this cash keeps working as the lubricant for deals in real estate, film industry and other areas where regulations are weak at best and non existent at worst. Thus, the amount of cash is ever increasing and more importantly untraceable. When the government went for demonetisation, the hope clearly was that some of this unaccounted money will not find it’s way back into the banking system as people will be worried to account for it.

What has happened in reality and why? Well, now we know for certain that the amount of money not returned into the banking system is only 16000 crores. Even though the government had not officially named a figure, it was widely expected to be much higher around 3 lac crores. I think some of the reasons are as follows:-

  • A lot of people managed to use the bank accounts of known people to deposit money. For example, I personally know a few who have done this in the accounts of people who worked for them.
  • While it was a great initiative to open the Jan Dhan accounts, I wish there was some deposit limits set to them based on the economic condition of the account holder. Many of these accounts were unfortunately used for parking black money with a promise of paying a percentage to the account holder.
  • The great Indian ingenuity to circumvent rules was in full display during November and December of 2016. An entire industry sprang up to take your old notes and give back 70-80 % of equivalent new notes. Unfortunately, instead of declaring their money and paying taxes on it, many Indians chose to go by these shady routes.
  • In the initial days there was panic and there were even stories of sackful of 1000 Re notes being abandoned etc. However, it soon dawned on people that even if they could not use others accounts or middlemen, it would simply make sense to claim it as current earning and deposit it in their own accounts.
  • The above was possible as the follow up from IT authorities were not thought to be very efficient in their follow up. Many CA’s also advised people to deposit their money and figure out how to handle tax notices etc at a later date.
  • I know of a Doctor who had 15 lacs of black money and he simply generated current year invoices to show it as current year income. As most people went about this way, the amount of money collected from the amnesty scheme was well below expectation again.

Let us now look at the impact of demonetisation on the economy as a whole. It needs to be understood that the unorganised sector got very badly hit by this move. Cash was the only mode of transaction there and sudden unavailability of it almost shut down entire industries in several parts of the country. Several workers in these industries were suddenly left without jobs and these were the section of people who could not afford to be out of work even for a short while. Yes, over the next two months most of the jobs were back but the short term misery inflicted on these people, cannot and should not be forgotten. The organised sector was more fortunate but here too there was a distinct slow down in business and demand.

Why was this not reflected in the GDP numbers of Jan 2017? Well, for one the timing of the demonetisation was chosen very well. A lot of demand and business got executed in the October period as it was festive season in India. Normally there is a lull in commercial activities post Diwali anyway. The data from the unorganised sector anyway takes a long time to find it’s way into the statistics. So the impression of the 7.9 % growth despite demonetisation was clearly a false one, as latter events were to prove. However, this should really not be seen as a problem as most well informed people did understand that the GDP will suffer by 1-2 % in the short run. I am surprised at the 5.7 % number but had been quite prepared to see something to the tune of 6.5 % for the last quarter.

The other area which has been actively promoted by the Government with the Prime minister himself being the champion is digital transactions. It is true to say that in the initial days there was a spurt in these, mainly due to the fact that cash was simply not available. The aggressive marketing of the payment companies and the Indian inclination for good deals saw a surge in these payments. However, with the cash flows having resumed, the transaction growth in these areas is becoming muted. Also, this was at best a byproduct, for the government to say that this was one of the main aims of the exercise really smacks of opportunism, if not hypocrisy.

With all this said, are there any long lasting gains from this drive then? Yes, there definitely is and only the open minded will be able to see the obvious. We now have all cash in the banking system and in a manner that can now be traced. For example, a Real estate transaction can still have some cash component BUT now the IT authorities know the money trail. This is of significant advantage and will now help IT people to follow up on any suspicious transactions. Yes, this will take time, given the paucity of resources but it is sure process though slow at times. The regulation on cash spending is a good follow up measure and this again helps in tracing the money trail. Also, the fact that cash has come back does not mean it has been accepted as accounted income. If you have a sum of 10 lacs in your bank account deposited last year, you will still need to account for it.

So while the overall impact in the short run may be poor, the long term benefits of a cleaner economy that is far more tax compliant will definitely be there. Other measures such as clamping down on benami properties and getting GST to be effective will also help in this regard. The problem is with the government trying to get mileage out of it politically and hence shifting the stands every now and then.

Demonetisation was a bitter pill to swallow for many of the citizens and for people affected adversely the taste lingers. It will however, usher in a completely new country as long as things are followed to their logical conclusion, without fear or favour.

My take on the budget

The kind of hype and expectation which is normally generated by any budget in India is tough to meet at the best of times. This year was more so due to the demonetization fallout that many of us were affected by. The price of inconvenience was sought and in many cases loss of business and jobs required some level of reparation. Lack of growth and clear decisions regarding black money and political funding also had to be tackled.

Based on all of this, the foremost question will be whether the FM has delivered or not? I would say that he has done it quite well, even though I feel there was room to do more in terms of personal income taxes. The 5 % reduction on the first slab was good but it should have been followed up with similar reductions in the other slabs. The surcharge on the incomes greater than 50 lacs is keeping with the sentiment that the richer people can afford to pay taxes. With the ongoing elections, this is something I can understand, though I do not agree with the approach.

Taxation and black money have been the recurring themes in our economy and polity in 2016 and the FM did a commendable job here. Firstly, he addressed the issue of poor tax compliance and brazen tax evasion in India – it is like an elephant in the room, everyone knew about it but no one mentioned it so far. The FM has put the numbers in context – only 1.7  lacs people saying that they earn more than 50 lacs is abysmally low. With the event of demonetization and the cash being brought into the banking system now, there is real hope that people who had stashed away their ill gotten wealth will now have to face the music. If they declare through IDS 2 then they pay 50 % tax and another 25 % as deposit for 4 years. In case they choose to just take a risk, they will definitely get caught and end up paying 82.5 % tax and in addition get a possible jail term.

As far as the growth part is concerned, the FM has avoided some potentially poor decisions like taxing capital gains on equity etc. On the other hand, reduction of LTCG tenure on property capital gains, shifting the base year to 2001, giving 1 year relief to builders on deemed income will energize the RE sector. With the earlier incentives on housing loans announced by the PM this gives a good fillip to the housing sector, which was much needed.

Agriculture has got a lot of attention in this budget and that is good given a lot of our people depend on it even today. Improvement in agricultural production and rural income will also be able to drive consumption which is vital for corporate growth. We also need to remember that resources are needed here far more, than people like us need it.

The corporate tax relief to companies doing revenues of less than 50 crores in the year 2015-2016, will help the earning of these companies next year. This will be a good push to the elusive earning growth that we have been waiting for. This reform is a harbinger of more things to come and will encourage buying in our stock markets. The fiscal deficit being on track will increase the confidence in the India story as far as the Rating agencies are concerned. FII buying will return and the general mood of our markets in 2017 will be upbeat, though there will definitely be periods of corrections.

Some other good things in the budget was the wait for GST, instead of trying to tinker with Service tax or Excise for 3-4 months. LIC coming up with a 8 % scheme for senior citizens, Companies like IRCTC going public, Safety fund for the Railways, divestment through CPSE ETF next year too are all good measures. Transformation to the Digital economy by stopping cash payments beyond 3 lacs is an excellent idea.

The political funding cap will reduce the impact of goons in our political syatem and this will have the best results in the near future. On the whole, this is definitely a budget in the TEC mode – India is well on the way to Transform, Energize and Clean.

In 2017 politics will decide market movement

Even a casual observer of the stock markets will know that there is a close link between politics and the market performances at most times. Market movements are often decided by news flows and in many parts of the world, particularly in India a lot of these news are from the political arena.

Till about 2 months back the narrative in the markets depended largely on corporate earning growth and the US Fed rate hikes. Both of these were thought to be determining factors in how the FII buying would pan out. As our markets depend a great deal on FII inflows, the overall consensus was for a dip in the start of the year and a pick up as time went by. The budget was likely to be a positive one and a Nifty high of 9000 plus sometime in the first half of the year seemed a definitely possibility.

Demonetization and the subsequent political realignments have changed all of this greatly. At a basic economic level it is clearly visible that several sectors have been affected badly due to liquidity issue and also the overall sentiment regarding consumption has a negative bias now. The FY 17 earning growth is therefore likely to be fairly flat, belying the promise that was evident till the second quarter. The government can point to the tax collections but markets will only consider the growth in corporate earning and that will not be good.

At a purely political level, the exercise and the subsequent coming together of disparate political parties in order to challenge it has created a somewhat unstable situation which is bad for the markets. In general the markets like status quo and is worried whenever some negative disruptions take place. The election dates being announced for the 5 states have made the situation more complicated. It may mean that the budget is delayed and the current political climate also makes the GST roll out difficult by April 1. 

And then of course, there are the elections due in 5 states. They were always going to be important but with the demonetization backdrop, they have virtually become a referendum on the Modi government. Should the BJP lose significantly there will be serious questions on whether the policies Modi wants to practice have any resonance with the citizens of the country. Such type of political uncertainty will inevitably see FII outflows and deep market cuts. How is it looking currently? Well, the BJP will probably retain Goa despite an upsurge from AAP, lose Punjab where their partners have a lot to answer for, win in Uttarakhand where the corrupt Congress government has definitely run their course and may continue their North East success with a win in Manipur.

As often in the past UP will have a huge say in Indian politics – win it and BJP will claim all their policies are a success. Lose it and they will have to be on the retreat for the next 2 years till the general elections are due. In the first scenario both the Economy and the markets will revive quite well in the latter half of 2017. The FII buying will resume with enthusiasm. In the latter scenario a likely sell off from the FII’s will be accompanied by deep red in our markets, maybe even a crash.

In the latter part of the year Presidential elections and the different cases the CBI is pursuing against opposition leaders in different parties will also have a bearing. With good wins in the elections the BJP will be able to deal with these easily, losses will dent it’s moral authority and they will need to be more conciliatory with the opposition in order to get things done. Also there are 62 Rajya Sabha seats to be decided next year, if the BJP can get most of these and strike a deal with AIADMK then their Rajya Sabha woes can be largely over. This will leave them a few months to pass whatever legislation they want and go into the 2019 elections in a confident mood. In Indian politics, the road to Delhi always passes through UP , this year will witness that once more.

How will Nifty be affected in the different scenarios? There are a lot of alternatives to be played out, let me address that in the next post.

Demonetization – slip between cup and lip?

Over the last one month the whole country has been transfixed by this phenomenon of demonetization and it has been a riveting saga. As I had written before about this in the blog here and here. You may also want to read about my own experience as well as the effect on investments.

Now while the intent was great and the strategy definitely a bold one, the implementation has definitely left a lot to be desired. I am not talking about the inconvenience and hardship to the public at large, that will probably be justified if the blow against the black money is a debilitating one. However, from the current data available it does not really seem that the black money hoarders are scurrying for cover. Consider these facts :-

  • Out of 14.8 lac crores banned currency value it is now expected that much of this will find their way into banks through deposits. 
  • Do note that this does not mean that the black money has been laundered into white as once the money is in the system, it will be subject to scrutiny by IT authorities. 
  • However, the windfall that RBI was widely believed to be getting will not happen now and this will be seen to be a serious dampener.
  • The political mileage gained from talking about notes being trashed and possibility of putting some money into Jan Dhan accounts has very nearly come a cropper already.
  • The estimated monetary cost of 1.28 lac crores to the Indian economy will now take some making up, probably not possible in the next 1 year or so.

So what really went wrong as far as the deposit expectations are concerned? While hindsight is always 20-20, I think there were several basic mistakes committed by the planners and this shows their fundamental lack of understanding of how things can work on the ground in India. This is what really happened in the last month, starting 8/11 night:

  • A humongous amount of gold was bought at astronomical prices. The idea was that it was better to buy gold with black money, even at much higher prices instead of paying taxes. It would have been logical to stop all gold transactions for a week or so, surprised that government did not anticipate this.
  • Much of the black money was obviously with people who had access to manpower, whether politically or otherwise. Given the number of people in India who are unemployed or semi-employed it was also possible to hire them cheaply. This was used to both exchange and deposit money in big way. The whole idea of limiting exchanges through inking people was too little and definitely too late.
  • Creative corruption was at the peak during this time. Schools were willing to take money for the next 10 years, businesses were willing to accept old notes and touts had a field day promising to pay in new currency after taking a hefty cut.
  • The much flaunted Jan Dhan accounts actually became a huge negative here and caused a lot of money laundering. The moral fiber of most Indians, especially those surviving in abject poverty is unsurprisingly suspect and this was used relentlessly by a lot of wheeler dealers to channelize money from their clients.
  • The situation was tailor made for compromising some of the bank officials through offering inducements and also threats of exposing past misdemeanors. So while in general the banking community did a great job, there were elements who colluded with the black moneyed brigade to help launder their ill gotten wealth.

Interestingly though, all this has meant that much of the money in circulation is now with the banks. This gives the government an enormous handle, as long as it has the intent and boldness to follow though with things in a logical manner.

How will this get done? Wait for my next post to read about it.

Currency ban objections – too clever by half

So we are now coming down to the nub of the issue. A lot of political parties are trying to get together, no doubt supported by their patrons who have a huge vested interest in this. They have been coming out with a lot of ingenuous arguments as to why the move to ban the currency notes was a bad idea, even demanding for the roll back of the measure, as is their wont. In the last post, I received several comments and responded to a few. I think it will be easier to respond to the comments and other objections all in one place.

  • The fake currency being used for terror and other activities is “only” to the extent of 400 crores so it can be tackled through other means.
    • Are you not able to comprehend the damage that can be wrought to our country with that kind of cash?
    • The figure may or may not be right but, even if it is, what is there to stop people who have counterfeiting machines to simply print more?
    • Most people are unable to see the impact of the existing notes becoming inoperative. Think of all the terror operations being stymied as the system is suddenly dried up of the lubricant it thrives on.
    • It may not be a coincidence then that the news of terrorist operations from the Kashmir valley have really come down in the last week.
  • What is the point of banning 1000 Re note and introducing 2000 Re note?
    • You have not understood the purpose of the scheme at all if you are asking this.
    • The idea is to clean up the unaccounted money supply in the system. People who are having it will either have to use it ( no time to do that ) or deposit it in the bank, where it can now be tracked.
    • The 2000 Re note is a logical step as it is mighty inconvenient to deal with smaller denominations, given the inflation we have had in recent years.
    • Yes there is a possibility of new black money schemes ( people are crooked and clever after all ) but it will have to be from scratch now and in one fell swoop, years of accumulated black money has been dealt a body blow.
    • Similarly the 2000 Re note can also be subjected to counterfeiting but all that will take time and the authorities will be way more prepared now.
  • BJP has done it only because state assembly elections are coming up.
    • I am happy to see that political parties are at least accepting the link between elections and black money.
    • Is the argument that we allow black money to continue playing a role in the Indian elections?
    • Are the opposition parties scared that without the power of black money behind them, they have little or no chances in the upcoming assembly elections?
  • The scheme will not earn much taxes etc as people will not declare black money.
    • Once again this is not the purpose of the scheme. Whether the people declare it or not, the cash will be taken out of the system.
    • People were given a chance to come clean through IDS, those who have made a conscious choice not to do so deserve no more leniency.
    • After the deposits are done the IT authorities will definitely take up the suspicious cases. I foresee a lot of taxes being collected through this.
  • Common people are being harassed.
    • The implementation has had several bottlenecks and money supply through ATM and banks should have been handled better.
    • However, for most poor people an exchange of 4000 Rs is adequate as is the withdrawal limit of 2500 Rs per day now.
    • People getting inconvenienced in weddings and functions for lack of cash, can really start paying through checks and direct transfers.
    • The reason for using cash is not really that people only take cash – it is because people with black money want to keep their transactions out of the system by not having any recorded financial transactions.
  • There is very little black money in the system so this will have little impact.
    • Look at pictures of money in sacks and drains, 44 lacs being anonymously being donated to temples, 10 lacs of air tickets being bought etc.
    • Money laundering is the most searched term in Quora in the last week.
    • In a Bengal village an impoverished old lady has deposited more than a crore in her account which had no money earlier.
    • Make no mistake, the people who are intended to be hit by this are suffering greatly. They will do everything possible to thwart the move but the game has changed for them.
  • Many businesses and the stock markets will be affected adversely.
    • I think this may well be true in the short run but does it matter really? Are you going to support black money just so that your investments do not take a temporary hit?
    • Over time, businesses in India such as Real Estate which have for all skewed due to presence of black money will clean itself up and do well in a legitimate way.
    • Respect for India will increase due to this bold measure and that will ensure that our businesses and markets do well in the medium and long term.
  • India depends on cash, cashless transactions will not work here.
    • Again, in case you have not understood this scheme is not talking about cash less transactions at all. 
    • You may need to rethink – same was said about mobile phones a decade back and look at where we are.
    • Once smartphones are available with the right kind of pricing for data plans we will see a surge in cashless transactions. It will happen faster than we can imagine today.

I am sure there are many others but I suppose the point is made. This is a great step for India, many other mechanisms are needed to eradicate black money completely. Do not fall into the trap of wily politicians who are today really cornered about their ill gotten wealth as well as their situation in being unable to influence elections through cash and liquor as they have done in the past.

If we fall for their shenanigans then the fault is really with us.