Money & Banking

Declaration drama begins.. many secrets may tumble out

L N Revathy Coimbatore | Updated on January 15, 2018

Narendra Modi may not have realised it but he has just dealt a severe blow to women all over the country.

There probably is no exception to this.

When news broke out about the Rs 500 and Rs 1,000 denominated notes losing their validity from mid-night of November 8, women folk in India were more shocked than men.

Two days have gone by, but many women are yet to come to terms with the fact that they will now have to disclose/declare money they have kept under cover for years now.

You may wonder where they got so much money. It's just a fact of life that doting parents give their daughters some pocket money every now and then.

A lot of it could have come by way of gift from a parent on some occasion - say, a festival or celebration such as the birth of a child.

Or it could have come from a benevolent uncle or a loving aunt and other good samaritan - not in one go, but over time and in small amounts. They make up a tidy sum. It's always helped the lady of the house manage her finances when the budget is tight. As millions of women can testify, many minor miracles have been wrought because of parental support - in cash.

Let it be made clear that the money was not coughed up illegally. It may not have fetched any return. But the fact that women - particularly those that are not economically independent - will have to now come out in the open by disclosing this 'secret' wealth has made many uncomfortable.

Quite predictably men want to know the size of the treasury at home. As though it belonged to them and they were planning to stake a claim!

Women, by nature, tend to retain such notes in some safe vault at home, be it a wardrobe, between books, wherever, so the menfolk do not lay their hands on this kitty. They consider these notes precious and have a sentimental attachment to them. Will these soon find their way into the formal financial system?

What now? Will women give up these age old practices and habits? Secrets kept us going...

Published on November 11, 2016

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