We went to deposit Rs.3000 in my Mom’s savings account today in denominations of old 500-rupee notes. The teller informed me that one note was pre-2005, and “hence couldn’t be exchanged owing to a directive from the RBI”. I had heard something similar in the past. Hence, I went ahead and deposited Rs.2500 at the first instance, but not without doubt. I called up the bank’s contact center, and their rep informed me that the bank should accept the note. I politely checked with ...a senior at the branch who reluctantly agreed. She took my Mom’s signature (she’s a senior citizen!) on the deposit slip. Makes me wonder: aren’t banks intermediaries? And infer: from whatever little I know about Economics, the entire demonetization exercise with a solid PR to backup is only an exercise in futility, and no more than gaining brownie points. All ye out there make money from divide-and-drool, and this one’s no different. A common law-abiding senior citizen depositing Rs.3000 is made to sign a deposit slip as evidence, while those defaulting on NPAs running into lakhs and crores of rupees, or those siphoning off money to Maldives and Switzerland are entitled for even more loans from the money deposited by the commoner who signed the deposit slip! Sahi hai yaar, ab ki baar, woh hai sarkaar; merit nahin toh kya hua, PR hi karlein yaar.