We are not saying that the problems faced by poor people due to demonetisation are comparable to those faced by the rich. We are saying the rich are also facing their share of problems, but of a different nature– domenitisation is drying up their cash inflow. Tennis stars Roger Federer and Serena Williams are prime examples of the rich causalities of demonetisation. The International Premier Tennis League (IPTL), which is partially organised in India, will not have the stars this year due to the cash crunch. (Watch: AIB’s ballsy and stinging takedown of Narendra Modi’s ‘demonetisation circus’)
Founder of the league, Mahesh Bhupathi lamented the “challenges” generating from the “current economic climate” as he confirmed that the stars won’t feature in this year’s event.
“We have had challenges this year and we are hoping to get past them. With the current economic climate in India and uncertainty of spending money, I reached out to both Roger (Federer) and Serena (Williams) to explain the situation. They have been very supportive of the IPTL in the first two seasons and we look forward to bring them in the future,” he said in a statement.
(Read more: Demonetisation will be the end of Modi’s rule, says Hindu Mahasabha)
The Indian leg of IPTL is scheduled in Hyderabad between 9-11 December. Serena Williams and Roger Federer would have been a major attraction for viewers in India.
After this IPTL fiasco, the big question is whether the “economic climate” has an adverse impact on Indian Premier League?
The Modi government last month announced that all the notes of denomination 500 and 1000- which was 86 percent of the total money in circulation, would not be considered legal tenders. It said that the notes would be replaced by new notes of denomination 500 and 2000.
The government at the time said that necessary arrangements were made to pump the new currency notes in the cash-strapped economy; however, the masses are still grappling with acute shortage of currency as long queues are seen in front of ATMs and banks across the nation. The banks have not been receiving cash; hence they are not being able to disburse money to public. Poor people and traders- who do not use plastic money- are worst-hit by demonetisation.
