12/11/2016

Cashlessqueuesandamillionpoundnote

Cashless queues and a

million pound note
by Saeed Naqvi | Published: 22:45, Dec 11,2016

CONSIDER this very plausible rumour I picked up at the Times Lit Fest in
Mumbai: some Bollywood bright sparks are developing scripts around
demonetisation in double quick time.
One of them has, in a moment of inspiration, turned to 1954 Gregory Peck
classic, the Million Pound Note, to enable the storyline. The film is based on a
Mark Twain masterpiece.
Oliver and Roderick Montpelier, eccentric millionaire brothers, spot Henry
Adams (Gregory Peck) who has suddenly fallen on penury because of an
accident. Unknown to Henry, the brothers place an unusual bet on him. They
obtain from the Bank of England a Million Pound note and place it in an
envelope. This is handed to Henry.
Olivers wager is that Henry will be able to buy everything he needs, including
luxurious accommodation, without the note ever being encashed. Mere existence
of such wealth will obviate real expenditure. The magic of credit would suffice.
Rodericks bet is exactly the opposite.
In the envelope, Henry also finds a letter from the brothers informing him that
they will be out of the country for a month. There is an enigmatic instruction
for Henry: during the period of their absence, he must live comfortably but try
not to spend the money.
Mark Twain wouldnt write a story without clever twists. For instance, the note
is hidden by the hotel guest whose luxury suite has been taken by Henry on the
strength of his newly found wealth. Confusion follows. But in the end, Henry
returns the million pound note to the Brothers having made a fortune from a
mining company.
I realise that the mind does make cavernous connections. But even so,
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Bollywood script writers have a great deal of work to do before they make Mark
Twains yarn applicable to the consequences of demonetisation. A comic twist
being considered was: hundreds of thousands of swipe machines to be placed at
every point of contact between man and money offices, courts, police
stations. Bollywood needs to look beyond cinema: here is an idea for an endless
TV serial.
By the time the film, or the serial, is mounted on the sets, the economic story
will be stale. Who will be interested in the circumstances under which Reserve
Bank Governor, Raghuram Rajan, was shown the door. Is it true that he was
lunging at the fat cats responsible for non performing assets which were causing
banks to gasp for breath?
That Urjit Patel was promoted as Reserve Bank Governor hurriedly to protect
the fat cats and, at the same time, to remonetise banks by other means
demonetisation for instance must rank as an unverifiable fact. Yes, he is yet
another Gujarati at Indias very top. But it would still be bad form to join critics
who have pulled out a comparison from China. The Gang of four dominated
Maos Cultural Revolution; a Gang of Five spurs Indias galloping nationalism.
Even the Supreme Court has chipped in. Doors of cinema halls must remain shut
while the national anthem is being played, presumably even in the event of fire.
Nobler to die standing than run like rats when the anthem is playing.
The economic consequences of demonetisation are obvious, but it is this
nationalism business which has been accelerated.
Never in history has a leader lined up a nation of a billion plus population
outside its banks, day after day for a month. Heaven knows how long these
drills will continue. Surprising that choreographers of the national purpose have
not suggested martial music or an occasional saffron flag at these venues. Such
additions might be required to stiffen the peoples sinews.
Belief was widespread at the earlier stages of the currency queues that Narendra
Modi had mobilised the poor against the rich, the hoarders of black money, who
would soon be exposed, then dragged through streets, their faces blackened.
This was the common refrain I heard from Mumbai taxi drivers.
People are now beginning to see light. Not only are hoarders, black marketers
not being caught, but folks of their ilk or even the untainted rich are not even
there in queue. In fact the queue as an equaliser has failed. Unless some new
diversionary tamasha is quickly mounted, restiveness will grow.
Social upheaval or no social upheaval, Modi has already pulled off an
incomparable feat. In the full flare of empiricism, he has been able to gauge the
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Indians abject willingness to be mobilised behind a national cause, timid and

docile. Tied to this is another reality: he has beyond any shadow of a doubt
exposed the complete impotence of the political opposition, barring Mamata in
Bengal. Never will the opposition have a better opportunity for a counter
mobilisation than the one Modi offered them on the night of November 8. Here
were readymade queues across the nation aching to find out whatever fate
awaits them. There was not a single leader to stoke public anger; no one to
harvest it. The weaklings, who pass for our opposition, preferred to deposit
themselves in the well of the House.
For a people sickened by politicians, Modi does look like the leader they would
will nilly look towards. But is he in control of the game he has started on
November 8? Does he have a clue which way the ball is turning?
Saeed Naqvi is a senior Indian journalist, television commentator, interviewer,
and distinguished fellow at the Observer Research Foundation, New Delhi.

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